Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Retailer Abercrombie & Fitch Co. announced Tuesday that earnings were up 43% in Q3, bolstered by strong teen-sales at its Hollister stores. Earnings were $102m ($1.11/share), up from $0.79 last year, and sales were up 22% to $863m. Street estimates were for $1.10. Sales at stores opened within the year, considered a key indicator, were up 5%; same-store sales at the core Abercrombie & Fitch chain increased only 1%. Earnings were announced post-market, but shares were +3% yesterday to close at $76.61. In after-hours trading, shares of Abercrombie were down $2.45 to $74.16.
Related links: Earnings Call Transcript. Media coverage: TheStreet.com. Commentary: Options Trader • Gross Margin Kings – Apparel & Accessory Stocks • Teen Stocks - Tempting or Tempestuous? Cramer's Take on ANF
Potentially impacted stocks and ETFs: Abercrombie & Fitch Co. (NYSE:ANF) • Competitors: American Eagle Outfitters Inc. (AEOS), Gap Inc. (NYSE:GPS), Guess? Inc. (NYSE:GES) • ETFs: PowerShares Dynamic Retail (NYSEARCA:PMR), ST SPDR RETAIL ETF (NYSEARCA:XRT), iShares Dow Jones US Consumer Goods ETF (NYSEARCA:IYK), Consumer Staples Select Sector SPDR (NYSEARCA:XLP)
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