Abercrombie & Fitch swings to a profit

Abercrombie & Fitch Co. stock was up 4.5% in Wednesday premarket trading after the apparel and accessories retailer reported first-quarter earnings and sales that beat expectations. Net income totaled $41.8 million, or 64 cents per share, after a loss of $244.1 million, or $3.90 per share, last year. Adjusted EPS of 67 cents blew past the FactSet consensus for a loss of 38 cents per share. Sales of $781.4 million were up from $485.4 million and also ahead of the FactSet consensus for $687.0 million. Digital sales were 52% of total sales. “Momentum has continued into the second quarter across brands, said Fran Horowitz, chief executive officer, in a statement. Abercrombie & Fitch labels include the namesake, Hollister and underwear brand Gilly Hicks. Abercrombie stock has soared nearly 87% for the year to date while the S&P 500 index is up 11/5% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.