Aug 28 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 fashionsavvy shoppers, while also tapping into the growing demand for widelegged jeans.

Shares of the Ohiobased 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.

Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Pooja Desai

Source Reuters