Abercrombie & Fitch boosts fourth-quarter guidance, sending shares higher; Martinez to retire as exec chairman

  • Abercrombie & Fitch shares jump after the retailer raised its fourth-quarter guidance.
  • The retailer says it expects same-store sales to be up in the high-single digits, compared with the previous outlook of low-single-digit gains.
  • Abercrombie also says 78-year-old Arthur Martinez will retire as executive chairman on Feb. 3.
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.