Abercrombie & Fitch announced this morning that August same-store sales jumped 6%, crushing the Street estimate for a 2.1% increase. Total sales for the month soared 21% to $425.2 million.
The security is set to gap higher on the open by roughly 2%. The stock dropped 1.5% in trading on Wednesday, but held support at its rising 20-day moving average. The security has not closed a session below this trendline since August 7. The shares are also holding support at their 20-week moving average.
The trendy retailer could still benefit from some upgrades on Wall Street. According to Zacks, the stock has earned 9 buy ratings, 6 holds, and 1 strong sell. An upgrade following the company's stronger-than-expected sales results could add some lift to the shares during the near term.