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Sectors

Sector Update: Consumer Stocks Mixed Friday Afternoon

Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 2.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1%.In corporate news, Tesla's (TSLA) competitive edge of deep vertical integration across hardware and software, coupled with its speed of technology development, leaves the firm uniquely positioned to scale emerging AI-driven markets, JPMorgan Securities said in a note. Tesla shares fell 5%.Brown-Forman (BF.A, BF.B) delivered better-than-expected Q4 revenue, but continues to face weak demand in key developed markets and mounting cost pressures that could weigh on growth and margins in fiscal 2027, RBC said. Brown-Forman Class A shares rose 0.7%, and Class B shares advanced 1.6%.Abercrombie & Fitch (ANF) said Friday it is opening a store in the SoHo district of New York. Abercrombie shares were down 2.1%.

$ANF$BF.A$BF.B$TSLA
Softline Retailers Likely to Benefit From US Data Center Boom, UBS Says
US Markets

Softline Retailers Likely to Benefit From US Data Center Boom, UBS Says

US softline retailers are expected to take advantage of an ongoing data center construction boom, with Abercrombie & Fitch (ANF), Urban Outfitters (URBN), and Macy's (M) among those likely to see "outsized" benefits, UBS Securities said in a note e-mailed Monday.US commercial data center capacity has increased at a nearly 30% to 40% annual pace over the last two years, with installed capacity seen rising 20% to 30% annually in the near term, the brokerage said, citing industry experts.The data center construction boom is expected to lift the economy and boost the consumer spending backdrop for apparel and footwear in the concerned regions. However, the data center buildout is not expected to be distributed evenly across the country, UBS analysts Jay Sole and Mauricio Serna said in the note to clients."We believe retailers with a high percentage of stores located in areas with strong data center growth will benefit more than retailers with less exposure to these areas will," the analysts wrote.Abercrombie & Fitch, Urban Outfitters, Macy's, and Steven Madden (SHOO) are among the retailers poised to see "outsized" benefits, Sole and Serna said. On the other hand, Kohl's (KSS), Bath & Body Works (BBWI), Buckle (BKE), Boot Barn (BOOT), and American Eagle Outfitters (AEO) have "the most relevant low exposure," the duo wrote.Among off-price retailers, Ross Stores (ROST) has the "most relevant high exposure," while TJX (TJX) is on the other side of the spectrum, according to the note."While some regions have embraced data centers, other localities have not," UBS said. "Some municipalities reject data center proposals because the long-term local economic payoff is perceived as limited. They also have concerns about resource and infrastructure strain."The brokerage expects all softline stocks to benefit from their use of AI, as well as the technology's impact on the overall economy."Softline companies are taking AI very seriously and AI is likely already having a positive impact on the industry's financial performance," Sole and Serna said. "We believe the meaningful returns companies are already and will continue to achieve on their AI investments will drive upside (earnings-per-share) surprises."Price: $75.30, Change: $-1.92, Percent Change: -2.49%

$AEO$ANF$BBWI$BKE$BOOT$KSS$M$ROST$SHOO$TJX$URBN
Wire

Abercrombie & Fitch Supported by Solid Demand, Margin Recovery, UBS Says

Abercrombie & Fitch (ANF) has room for long-term earnings growth as healthy demand, stronger margins, improving brand trends, and a low valuation may support the stock, though geopolitical risk may loom in the near term, UBS Securities said Wednesday in a report.Fiscal Q1 results showed solid customer demand and better gross margins despite tariff pressure, reinforcing the view that Abercrombie's strategy is working, the report said. UBS expects Q2 sales growth to improve from Q1, helped by easier comparisons following last year's enterprise software disruption and modest gains in average unit retail.Demand at the teen-focused Hollister brand remains healthy in the Americas, which account for most of the company's sales, though weakness in Europe, the Middle East and Africa may partly offset growth, the report said. UBS expects Q2 gross margin pressure from tariffs and lower freight benefits, though conditions may improve in H2 as higher average unit retail and promotions take hold.Abercrombie brand trends appear to be stabilizing after a difficult fiscal 2025, with traffic and conversion holding steady and average unit retail improving, the report said.UBS cut its price target on Abercrombie stock to $136 from $149 amid increased geopolitical risk. It maintained its buy rating and its earnings estimates in fiscal 2026 to 2028.Price: $82.01, Change: $+0.59, Percent Change: +0.73%

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Wire

UBS Adjusts Abercrombie & Fitch Price Target to $136 From $149, Maintains Buy Rating

Abercrombie & Fitch (ANF) has an average rating of overweight and mean price target of $111.10, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $79.55, Change: $-1.87, Percent Change: -2.30%

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Wall Street Hits New Peaks, US Crude Slips Below $90 Amid Iran Deal Hopes
US Markets

Wall Street Hits New Peaks, US Crude Slips Below $90 Amid Iran Deal Hopes

Wall Street's benchmark equity indexes reached fresh highs on Wednesday as US crude oil fell below $90 a barrel amid renewed optimism around prospects for an end to the Middle East conflict.The Dow Jones Industrial Average rose 0.4% to 50,644.3, its highest finish ever. The Nasdaq Composite gained 0.1% to 26,674.7, while the S&P 500 eked out a gain to end at 7,520.4 -- both notching new record closing highs for a second consecutive day.Six of the 11 sectors were in the red, led by energy, while consumer discretionary paced the gainers.West Texas Intermediate crude oil was last down 4.8% at $89.39 a barrel, while Brent fell 4.6% to $95.Secretary of State Marco Rubio said the US will give talks with Iran "every chance to succeed," according to a CNBC report.Israel reportedly launched fresh attacks in Lebanon, targeting Iran-backed Hezbollah. This could complicate peace talks as Tehran has demanded that any deal must ensure an end to fighting in Lebanon, Stifel said."Despite the latest clashes, however, markets remain somewhat hopeful an interim deal (between the US and Iran) may still be likely," Stifel Chief Economist Lindsey Piegza said in a note Wednesday.President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.Iranian state TV previously claimed that a draft memorandum on ending the conflict calls for the US to withdraw its military forces and lift the naval blockade in return for reopening the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," CNN reported.US Treasury yields were mixed, with the 10-year rate down 1.1 basis points at 4.48% and the two-year rate little changed at 4.04%.In company news, JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. JPMorgan shares fell 2.4%.Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential merger and acquisition opportunity, according to a FactSet transcript.Zscaler (ZS) shares tanked nearly 32% after the cloud security company provided a fiscal fourth-quarter revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates. The company's Nasdaq-listed stock slid 10%.Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer. The company's shares jumped 8.9%.Gold was last down 1.2% at $4,450.70 per troy ounce, while silver lost 2.3% to $74.87 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$JPM$PDD$ZS
Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.7%.Redbook US same-store sales rose by 9% from a year earlier in the week ended May 23 after an 8.1% year-over-year increase in the previous week. "Demand for a wide variety of summer, home and garden, and seasonal apparel products was the main focus for most consumers," Redbook said.In corporate news, Lululemon Athletica (LULU) said Wednesday that it has settled its dispute with company founder Chip Wilson. Wilson, who owns an 8.7% stake in the company, sent a letter in April to shareholders questioning the appointment of Heidi O'Neill as chief executive. Lululemon shares gained 3.9%.Tesla (TSLA) and SpaceX (SPCX) may eventually merge after SpaceX's initial public offering in a move that would consolidate Elon Musk's control across his companies, according to early SpaceX investor Peter Diamandis, Bloomberg reported, citing an interview. Tesla shares rose 1.1%.Abercrombie & Fitch's (ANF) fiscal Q1 earnings topped Wall Street's projections amid record sales for the apparel retailer. Its shares climbed past 13%.Bath & Body Works' (BBWI) fiscal Q1 results exceeded market estimates, while the personal care and home fragrance retailer said its chief financial officer plans to step down. Its shares jumped nearly 11%.Manchester United (MANU) on Wednesday raised its full-year top-line outlook as the UK soccer club posted double-digit growth in fiscal Q3 revenue year over year, helping it swing to earnings. Manchester United shares surged over 13%.

$ANF$BBWI$LULU$MANU$TSLA
Equities Mixed Intraday as Markets Track US-Iran Peace Talks
US Markets

Equities Mixed Intraday as Markets Track US-Iran Peace Talks

US benchmark equity indexes were mixed after midday Wednesday as traders continued to monitor US-Iran peace deal negotiations.The Dow Jones Industrial Average was up 0.4% at 50,646.7 intraday, while the Nasdaq Composite fell 0.2% to 26,611.6. The S&P 500 slipped 0.1% to 7,509.8. Both the Nasdaq and the S&P 500 notched new record closing highs in the previous session.Among sectors, consumer discretionary paced the gainers, while energy and financials saw the biggest drop.Iranian state TV reportedly claimed that a draft memorandum on ending the three-month-old conflict calls for the US to withdraw its military forces and lift the blockade of Iranian ports in return for the reopening of the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," CNN reported.President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.West Texas Intermediate crude oil was down 4.4% at $89.77 a barrel intraday Wednesday, while Brent fell 4.1% to $95.54.US Treasury yields were mixed intraday Wednesday, with the 10-year rate down 1.1 basis points at 4.48% and the two-year rate little changed at 4.04%.In company news, JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. JPMorgan shares were down 3%.Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential merger and acquisition story, according to a FactSet transcript.Zscaler (ZS) shares tanked nearly 32% intraday after the cloud security company provided a fiscal fourth-quarter revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates. The stock slid nearly 12% intraday.Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer. The company's shares jumped nearly 12% intraday.Marvell (MRVL), Salesforce (CRM), Synopsys (SNPS), Snowflake (SNOW) and HP (HPQ) were scheduled to release their quarterly results after the markets close Wednesday.Gold was down 1.4% at $4,441 per troy ounce, while silver lost 2.2% $74.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$CRM$HPQ$JPM$MRVL$PDD$SNOW$SNPS$ZS
Sectors

Sector Update: Consumer Stocks Rise in Afternoon Trading

Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.7%.Redbook US same-store sales rose by 9% from a year earlier in the week ended May 23 after an 8.1% year-over-year increase in the previous week. "Demand for a wide variety of summer, home and garden, and seasonal apparel products was the main focus for most consumers," Redbook said.In corporate news, Abercrombie & Fitch's (ANF) fiscal Q1 earnings topped Wall Street's projections amid record sales for the apparel retailer. Its shares climbed 12.7%.Bath & Body Works' (BBWI) fiscal Q1 results exceeded market estimates, while the personal care and home fragrance retailer said its chief financial officer plans to step down. Its shares jumped past 10%.Manchester United (MANU) on Wednesday raised its full-year top-line outlook as the UK soccer club posted double-digit growth in fiscal Q3 revenue year over year, helping it swing to earnings. Manchester United shares surged 15%.

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Abercrombie & Fitch First-Quarter Profit Beats Estimates Amid Record Sales
US Markets

Abercrombie & Fitch First-Quarter Profit Beats Estimates Amid Record Sales

Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer, sending its shares higher in Wednesday trading.Adjusted per-share earnings for the quarter ended May 2 fell to $1.47 from $1.70 a year earlier, but surpassed the FactSet-polled consensus of $1.28. Net sales rose 2% to $1.11 billion, while analysts expected $1.12 billion.Shares of the company were up nearly 13% intraday. The stock is down 33% so far this year."We delivered against our commitments growing net sales for the 14th consecutive quarter, setting a record (first quarter) despite headwinds in the Middle East and other select countries in (Europe, the Middle East and Africa)," Chief Executive Fran Horowitz told analysts on an earnings call, according to a FactSet transcript.Revenue for the Abercrombie brand grew 3% for the quarter, while Hollister's sales were flat."Regionally, the Americas grew 3% with growth across brands and good traffic levels in both stores and digital," Horowitz said. "In EMEA, continued growth in the UK was more than offset by declines in the Middle East and other European markets as the regional conflict ramped-up, driving EMEA sales down 10% for the quarter."Its been about three months since the US-Israel war with Iran started on Feb. 28, though a fragile ceasefire between Washington and Tehran continues to hold.For fiscal 2026, Abercrombie & Fitch continues to expect net income from $10.20 to $11 per share, while four analysts in a FactSet survey expect EPS of $10.64 on a GAAP basis. The company reiterated its revenue guidance of 3% to 5% growth, while the Street projects sales to increase to $5.46 billion from the previous year's $5.27 billion."As we shared in our March call, the team is closely monitoring developments in the Middle East, using our playbook and global operating model to remain agile," Horowitz said. "Sticking with our playbook, we're focused on what we can control, including our inventory levels and marketing investments, ensuring we can respond to what's happening in real time."For the current quarter, the company anticipates EPS between $1.80 and $2, while four analysts polled by FactSet are looking for $2.48. Abercrombie & Fitch sees quarterly sales growing 2% to 4%, while the Street expects $1.25 billion, compared with $1.21 billion a year earlier.Price: $83.90, Change: $+9.12, Percent Change: +12.20%

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Research

Research Alert: Abercrombie Posts Mixed Fq1; Maintains Full-year Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ANF posted Q1 2026 EPS of $1.47 vs. $1.59 prior year, $0.18 above consensus despite a Y/Y decline. Net sales reached a record $1.114B (+2% Y/Y), $9M above estimates, marking the 14th consecutive quarter of growth though comparable sales declined 1%. We believe ANF is deserving of a P/E multiple well above 10x, trading at just 7x the midpoint of full-year EPS guidance and below peers despite improving fundamentals. Management maintained full-year guidance of 3-5% revenue growth, 12.0-12.5% operating margin, and EPS of $10.20-$11.00. Regional performance showed divergence with Americas (+3% Y/Y) and APAC (+24% Y/Y) driving growth while EMEA declined 10% due to Middle East conflict impact. Operating margin compressed 130 bps to 8.0% from tariff pressures. The company repurchased $105M in shares during Q1 with $745M remaining on authorization. We expect ANF to continue aggressive share buybacks at current valuation levels.

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Stocks Rise Pre-Bell Amid Tech Rally; Middle East Uncertainty Persists
US Markets

Stocks Rise Pre-Bell Amid Tech Rally; Middle East Uncertainty Persists

US equity futures were trending higher on Wednesday amid tech-driven momentum from the previous trading session, while investors continue to monitor ongoing uncertainty in the Middle East.The S&P 500 rose 0.3%, the Dow Jones Industrial Average gained 0.5% and the Nasdaq added 0.4% in premarket activity. The Nasdaq and the S&P 500 finished Tuesday trading at new record peaks, while the Dow closed lower.Shares of Micron Technology (MU) advanced 5.7% pre-bell after finishing the prior session up 19%. The semiconductor manufacturer's market capitalization crossed the $1 trillion mark for the first time on Tuesday, with UBS Securities increasing its price target on the company's stock.Marvell (MRVL) rose 6% before the bell, while Seagate (STX) and Western Digital (WDC) gained 3.6% and 3.3%, respectively.Investors are also keeping an eye out for any updates on peace talks between the US and Iran. Tehran's Islamic Revolutionary Guard Corps reportedly said Tuesday that Iran has a "legitimate" right to respond to any violation of a ceasefire by the US.Earlier in the week, the US military targeted Iranian missile launch sites and boats around the crucial Strait of Hormuz, in what it described as "self-defense strikes," according to multiple media outlets. President Donald Trump said Monday that negotiations with Iran were "proceeding nicely.""While an extended conflict with Iran remains the largest risk to continued market gains, in our view, markets are positioned for more progress on peace talks and the Strait of Hormuz reopening," D.A. Davidson said in a report Tuesday.West Texas Intermediate crude oil declined 4% to $90.12 a barrel before the opening bell, while Brent fell 3.2% to $96.43.Treasury yields were down in premarket action, with the two-year rate retreating 2.9 basis points to 4.02% and the 10-year rate off 2.6 basis points to 4.47%.US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict has stretched for about three months now, a survey by the Conference Board showed Tuesday.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the Federal Reserve Bank of Richmond's manufacturing index for May at 10 am. The Atlanta Fed's survey of business uncertainty for this month is out at 11 am.Federal Reserve Governor Lisa Cook is scheduled to speak at 3:55 pm, while Fed Vice Chair Philip Jefferson speaks later at 8 pm.PDD (PDD), Dick's Sporting Goods (DKS), Dycom Industries (DY), Bath & Body Works (BBWI), Abercrombie & Fitch (ANF), Manchester United (MANU) and Capri (CPRI) report their latest financial results before the bell, among others. Marvell, Salesforce (CRM), Synopsys (SNPS), Snowflake (SNOW) and HP (HPQ) post their earnings after the markets close.Gold edged down 0.4% to $4,484 per troy ounce, while bitcoin was up slightly at $75,878.

Dow JonesNasdaq CompositeS&P 500$ANF$BBWI$CPRI$CRM$DKS$DY$HPQ$MANU$MRVL$MU$PDD$SNOW$SNPS$ZS
Research

Barclays Downgrades Abercrombie & Fitch to Underweight, Price Target is $76

Abercrombie & Fitch Co (ANF) has an average rating of overweight and mean price target of $117.20, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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