Stock Alert: Abercrombie & Fitch Shares Up 11%

(RTTNews) - Shares of Abercrombie & Fitch Co. (ANF) are rising over 11% Thursday morning, after the company reported a turnaround to profit for the second quarter.

The stock has been trading in the range of $7.42 - $18.83 for the past one year, and is currently trading at $12.39, up $1.26 or 11.32% in the regular session.

The company reported second-quarter adjusted net income per share of $0.23, compared to net loss per share of $0.48, last year.

On average, 13 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.83, for the quarter. Analysts' estimates typically exclude certain special items.

The company's gross profit rate improved 140 basis points to 60.7% on lower promotional and clearance activity.

Second quarter net sales were $698 million, down 17% as compared to last year, reflecting the adverse impact of COVID-19 on store sales. Analysts expected revenue of $658.44 million, for the quarter. Digital net sales rose 56% to $386 million.

For the third quarter, the company expects net sales to be down in the range of 15% - 20% year-on-year.