(Reuters) -Abercrombie & Fitch lifted its forecast for annual sales on Wednesday, betting that new styles at its namesake label and a strong assortment at Hollister would draw more shoppers.
Abercrombie has been revamping its offerings with new styles, featuring dressier apparel and cargo pants to attract fashion-savvy shoppers, while also tapping into the growing demand for wide-legged jeans.
Shares of the Ohio-based company fell 3% in premarket trading. They are up nearly 90% so far this year.
The company said it now expects net sales to rise between 12% and 13% for fiscal 2024, compared with its prior forecast of around 10% growth. Analysts, on average, had estimated a 12% rise in annual revenue, to $4.79 billion, according to LSEG data.