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Shares of Abercrombie & Fitch soared 37% Tuesday after the company showed investors it's set to keep growing, even as its namesake brand slows down.
During the apparel retailer's fiscal third quarter, Abercrombie brand sales fell 2%. But for at least the third quarter in a row, Hollister saved the retailer, as sales climbed 16%. CEO Fran Horowitz said sales at Abercrombie are expected to be flat in the current quarter, indicating growth at Hollister is set to drive the company's holiday shopping season.
Companywide, sales rose 7%, beating expectations.
Here's how the apparel retailer did in the period ended Nov. 1 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:
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