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Shares of the Ohio-based retailer were up about 20% in premarket trading.
The apparel retailer has benefited from its efforts to right-size its inventory across all its labels, attracting affluent customers to shop for a diverse range of products like dresses and cargos, as they get back to working from offices and social events.
The results come at a time when industry peers such as Lululemon Athletica (NASDAQ:LULU) Inc, Urban Outfitters Inc (NASDAQ:URBN) and American Eagle Outfitters (NYSE:AEO) have also seen steady demand for their product assortment and accessories.
The company now expects 2023 net sales to increase 2% to 4%, compared to previous range of 1% to 3% growth.
The company’s net sales rose to about $836 million in the first quarter ended April 29, from about $812.8 million a year earlier. Analysts on average had expected $814.5 million, according to Refinitiv IBES data.
