Abercrombie & Fitch share price soars as third quarter profit more than doubles

 
Jessica Morris
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Abercrombie & Fitch
Abercrombie shares are soaring (Source: Getty)

Shares in Abercrombie & Fitch were up 17.2 per cent to $22.9 per share in pre-market trading today, after the US fashion chain reported third quarter profit more than doubled.

Net income attributable to the company rose to $41.9m (£27.5) in the 13 weeks ended October 31, up from $18.2m a year earlier.

While total revenue slumped 3.6 per cent to $878.6m, the decline was less than analysts were expecting.

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"Our third quarter results exceeded our expectations coming into the quarter and provide the strongest validation yet that our initiatives are working," Arthur Martinez, executive chairman, said.

"We recognise that we still have much to achieve. We remain intensely focused on our strategic initiatives and evolving our brands' positioning and assortments, as well as improving our customer's experience.

"As we look ahead in the fourth quarter, there are mixed signals in the sector and we remain cautious; however, we are confident that the work we are doing is laying the foundation for long-term profitability and growth."

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