Fashion retailer Abercrombie & Fitch (ANF) posted second-quarter earnings on Wednesday that blew past 🐲analysts' expectations. Its shares soared more than 20% after the news.

The company posted a $56.9 million profit, swinging from a loss of $16.8 million in the same quarter a year earlier. Earnings per share (EPS) of $1.10 was more than six times the consensus estimate of 17 cents. Revenue, or net sales, came in at $935.3 million, up 16% from the year-ago quarter and also exceeding projections of $842.4 million.

"Our net sales and 澳洲幸运5官方开奖结果体彩网:operating margin exceeded our expectations," CEO Fran Horowitz said. "We continue to see strong customer receptivity of our brands and prod꧒uct, led by 26% net sales growth in Abercrombie brands."

Abercrombie revised its full-year outlook higher as a result. It now expects sales to rise by low double-digits, well above the previous 2% to 4% growth estimate for 2023. The retailer also expects higher operating margins in the range of 8% to 9%, up from earlier projections of 5% to 6%.

Abercrombie's blistering results are a notable exception to those of other retailers, like Target (TGT) and Home Depot (HD), which have grappled with a slowdown in discretionary spending. Falling discretionary sales contributed to Target's 🧜澳洲幸运5官方开奖结果体彩网:first quarterly sales decline in six years, while 澳洲幸运5官方开奖结果体彩网:Home Depot's revenue fell 2% as customers bought fewer 澳洲幸运5官方开奖结果体彩网:big-ticket items.

Apparel retailers have been among the hardest-hit. Shares of Foot Locker (FL) 澳洲幸运5官方开奖结果体彩网:💞lost more than a third of their value on Wednesday after same-store sales fell almost 10%, reflecting lower spending on the company's footwear and apparel.

With Wednesday's gain, Abercrombie & Fitch shares have more than doubled so far this year, far outperforming the 3% increase for the benchmark SPDR S&P Retail ETF (XRT), a proxy for the performa꧙nce of the retail 🌸sector.