Abercrombie & Fitch boosts fourth-quarter guidance, sending shares higher

Abercrombie & Fitch bags held by shoppers

Benoit Tessier | AP
Abercrombie & Fitch bags held by shoppers

Abercrombie & Fitch shares jumped Monday after the retailer raised its fourth-quarter guidance.

The retailer said it expects same-store sales to be up in the high-single digits, compared with the previous outlook of low-single-digit gains.

Net sales for the quarter is now expected to increase in the low-teens, compared with the previous guidance of an increase of mid- to high-single digits.

Shares of the retailer were up 6.7 percent in early trading Monday following the report.

Abercrombie & Fitch also said 78-year-old Arthur Martinez will retire as executive chairman on Feb. 3. Terry Burman, 72, who is chair of the board governance committee, will become nonexecutive chairman.

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