Business

A&F rises 11% on forecast

Abercrombie & Fitch forecast a strong profit next year and set an ambitious long term sales goal in anticipation of successful overseas growth, sending its shares up nearly 11 percent to their highest level since 2008.

The teen clothing chain told Wall Street analysts at its investor day yesterday, which was broadcast over the Internet, that it expects earnings of $4.75 per share for the fiscal year ending in January 2013, surpassing the average analyst forecast of $3.97 per share, according to Thomson. Abercrombie shares yesterday closed up 10.8 percent, to 65.57, their highest level since June 30, 2008.

Standard & Poor’s analyst Marie Driscoll raised her price target on the stock to $75 from $66, saying she was “enthused” by Abercrombie’s profit forecast and its goal to have annual sales of $7.5 billion by its fiscal year ending in 2016, split evenly between its US and international stores.