10:56 AM EST, 11/26/2024 (MT Newswires) -- Abercrombie & Fitch ( ANF ) on Tuesday increased its sales growth outlook for the full year and reported annual gains in fiscal third-quarter results while the apparel retailer named a new finance chief.

The company now expects full-year sales growth of 14% to 15% in the ongoing fiscal year, up from its previous growth guidance of 12% to 13%.

"We are increasing our full year outlook on sales and expect to be around the high end of the operating margin range shared last quarter," Chief Executive Fran Horowitz said in a statement. "Our teams are engaged and ready to deliver for our customers this holiday season with the goal of achieving sustainable, profitable growth firmly in our sights."

Abercrombie & Fitch ( ANF ) shares were down 6.3% in Tuesday trading.

Adjusted earnings per share in the three-month period ended Nov. 2 advanced to $2.50 from $1.90 last year. Revenue rose to $1.21 billion from $1.06 billion.

Comparable store sales were up 16% during the quarter, fueled by a 21% increase at the Hollister brand while Abercrombie rose 11%. Comparable sales increased by double digits across all of Abercrombie & Fitch's ( ANF ) geographic regions.

"From a brand perspective, each brand showed growth-on-growth as customers responded positively to our product and marketing," Horowitz said.

For the fourth quarter, the retailer expects sales to increase by 5% to 7%. The outlook includes a 550 basis-point negative impact due to the loss of an extra week in 2023 and a 100-basis-point foreign-exchange headwind.

In a separate statement on Tuesday, Abercrombie & Fitch ( ANF ) said it promoted Robert Ball to Chief Financial Officer, effective Nov. 20. Ball was previously senior vice president of corporate finance, investor relations and treasury. He replaces Scott Lipesky, who has been CFO since October 2017. Lipesky was promoted to Chief Operating Officer in May 2023, and will continue in that role, the company said.

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