Abercrombie & Fitch Co. ANF, +1.75% was out with third-quarter figures before Thursday's opening bell.
The New Albany, Ohio-based clothing firm reported GAAP net income per diluted share of $0.35 for the third quarter ended November 3, 2018, compared to $0.15 for the third quarter ended October 28, 2017.
Excluding certain items, the company reported adjusted non-GAAP net income per diluted share of $0.33 for the quarter, compared to $0.30 last year. The company said that year-over-year changes in foreign currency exchange rates, net of hedging, was a benefit of approximately $0.05 per diluted share.
The gross profit rate was 61.3%, flat to last year, and down approximately 40 basis points on a constant currency basis, net of hedging.
Stores and distribution expense was $371.9 million, down from $375.9 million last year, as expense reductions, changes in foreign currency exchange rates and a benefit from the calendar shift more than offset volume-related expenses from higher direct-to-consumer sales.
According to CEO Fran Horovitz, "We are pleased with our third-quarter performance, our fifth consecutive quarter of positive comparable sales, with growth across both of our brands.
"We delivered 3% comparable sales growth on top of 4% last year, with continued gross profit rate stabilization. Our strong U.S omnichannel business, and 16% global digital sales growth, confirm that our playbooks are working."
Abercrombie & Fitch shares popped $3.52, or 20.6% to $20.62 in early Thursday trading.