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Abercrombie and Gap Inc (NYSE:GPS) have posted better-than-expected results as wealthier shoppers have opted for dressier clothing over casuals for post-pandemic outings even as soaring prices encourage consumers on lower incomes to rein in spending.
Last week, U.S. retail chain Macy’s Inc (NYSE:M) signaled strong demand for high-end apparel and accessories ahead of the holiday season as well-to-do customers continue to splurge.
Abercrombie, which posted better-than-expected third-quarter sales, expects fourth-quarter net sales to be down in the range of 2% to 4% in fiscal 2022, compared to analysts’ estimates of a 6.3% drop, according to Refinitiv IBES data.
The company’s net sales fell 2.8% to $880.1 million, topping estimates of $831.1 million.
