12:17 PM EDT, 05/29/2024 (MT Newswires) -- (Updates to include stock move in the headline and first paragraph.)

Abercrombie & Fitch ( ANF ) shares jumped 20% in recent Wednesday trading after the company reported fiscal Q1 adjusted earnings and net sales rose more than expected by analysts, while fiscal 2024 sales growth guidance got a boost.

Adjusted earnings rose to $2.14 per diluted share from $0.39 a year earlier, the company said Wednesday. Analysts polled by Capital IQ expected $1.72.

Net sales in the quarter ended May 4 climbed to $1.02 billion from $836 million a year earlier. Analysts surveyed by Capital IQ expected $965 million.

In fiscal 2024, the company projected net sales growth of 10%, up from the outlook of 4% to 6%. Analysts surveyed by Capital IQ expect revenue of $4.58 billion.

Price: 182.98, Change: +30.59, Percent Change: +20.07