Shares of Abercrombie & Fitch (ANF) posted a record high Tuesday and are up nearly +300% this year through Thursday’s close, the company’s best annual performance since going public in 1996. Abercrombie has outperformed its peers and even managed to beat out Nvidia’s +240% gain this year. The strength of Abercrombie also helped push the S&P Retail Select Industry Index to a 21% gain this year.
Abercrombie’s strong showing this year is a complete reversal from 2022, when its shares fell -34% as an uncertain economic backdrop and cautious consumers dragged down the broader market. However, sales picked up, and the company cleared excess inventory as shoppers returned to work, school, and social lives after the pandemic. Earlier this month, Argus Research raised its price target on Abercrombie to $97 and said they expect the company to continue its momentum of higher sales and margins through the holiday season.
