Why Abercrombie & Fitch Co. (ANF) Soared On Wednesday

We recently published a list of While Market Bleeds, These 10 Firms Soar. In this article, we are going to take a look at where Abercrombie & Fitch Co. (NYSE:ANF) stands against other best-performing stocks.

Abercrombie grew its share prices by 14.67 percent on Wednesday to finish at $88.47 apiece as investor sentiment was boosted by higher net sales in the first quarter of the year despite a challenging market environment.

In a statement, Abercrombie & Fitch Co. (NYSE:ANF) said net sales grew by 7.5 percent to $1.097 billion from the $1.020 billion registered in the same period last year, with the Hollister brand achieving a 22-percent growth during the period. Net sales from Abercrombie, on the other hand, dipped by 4 percent year-on-year.

Attributable net income, however, dropped by 29 percent to $80.4 million from the $113.8 million recorded in the same period a year earlier.

Despite the decline, Abercrombie & Fitch Co. (NYSE:ANF) CEO Fran Horowitz said the net income figure exceeded its earlier expectations.

For the full year, Abercrombie & Fitch Co. (NYSE:ANF) now expects net sales to grow between 3 and 6 percent, slightly higher than the high-end range of 5 percent as previously expected.

The company also aims to grow its net sales between 3 and 5 percent for the second quarter alone.

Overall, ANF ranks 3rd on our list of best-performing stocks. While we acknowledge the potential of ANF, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ANF and that has 10,000x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.