**Abercrombie & Fitch reports a rise in fourth-quarter sales and boosts its full-year outlook.**
Abercrombie & Fitch shares rose more than 29% in premarket trading Thursday after the struggling retailer reported a rise in fourth-quarter sales and boosted its full-year outlook.
The New Albany, Ohio-based company said net sales rose 3% to $1.09 billion in the three months ended Feb. 3, topping Wall Street’s consensus estimate of $1.07 billion, according to Refinitiv IBES.
Abercrombie reported a comparable sales increase of 4% for the quarter, also ahead of analysts’ expectations of a rise of 2.7%.
The retailer’s gross profit margin contracted to 56.5% from 58.4%, but that was still better than analysts’ forecasts of 55.8%.
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