Abercrombie & Fitch
Abercrombie & Fitch’s loss was wider than expected, but shares surged. The teen retailer missed on both the top and bottom lines, but it expects sales trends to improve throughout the year. Since the departure of the company’s controversial CEO Mike Jeffries in December, Abercrombie has made an effort to reinvent itself, for example, by limiting its focus on logo-centric clothing. Shares popped 13.5 percent to $22.30.
Express also offered investors an upbeat forecast. The retailer said profit more than doubled in its first quarter. as it scaled back promotions and sales rose more than expected. Its earnings guidance for the current quarter and the year topped consensus. Shares were almost five percent higher to close at $17.41.
Costco out with a mixed report today. Earnings topped estimates, but revenue and same-store sales missed forecasts. The warehouse retailer was hurt by lower gas prices and a stronger U.S. dollar. Shares were off a fraction to $144.26.
GoPro is increasing its product line. The action camera maker will develop quadcopter drone camera, which it expects to be out in the first half of next year. It’s also making camera mounts for the virtual reality market. CEO Nick Woodman says the new gadgets are a big opportunity for the company, looking . Investors agree, sending shares up more than 6.5 percent to $56.81.