Shares of Abercrombie & Fitch Co. (ANF) jumped nearly 7% in extended hours on Monday driven by the retailer's outlook for the fourth quarter and full year 2021.
For 2021, the company expects net sales growth of 19% to 20% compared to 2020 net sales of $3.125 billion. Analysts currently estimate revenue growth of 21.20%.
Abercrombie expects fourth-quarter net sales growth between 4% and 6% compared to 2020 net sales of $1.1 billion, and flat to down 2% as compared with 2019 net sales. The prior outlook expected sales up between 3% and 5% as compared to 2019.
The company said the fourth-quarter outlook was lowered due to "additional unexpected and uncontrollable inventory receipt delays and increased COVID-related impacts and restrictions."
ANF closed Monday's trading at $32.35, down $0.84 or 2.53%, on the NYSE. The stock, however, gained $2.25 or 6.96% in the after-hours trading.
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