Abercrombie & Fitch Surges on Strong Earnings and Raised Guidance

Abercrombie & Fitch shares surged 15% in premarket trading after the retailer reported better-than-expected earnings and sales for the quarter, and raised its guidance for the year. The company's net income for the quarter rose to $56.9 million, or $1.10 per share, compared to a loss of $16.8 million, or 33 cents per share, in the same period last year. Abercrombie & Fitch also saw a significant increase in comparable sales, with a 23% rise for its namesake brand and a 5% rise for Hollister. The company plans to continue opening stores and investing in its digital experience despite economic uncertainties.