U.S. Movers: Abercrombie & Fitch, Berkshire Hathaway, Foot Locker, Nordstrom, PVH Corp.

Scott Peters
28 Aug, 2024
New York City

Nordstrom increased 4.5% to $22.11, and the luxury apparel and accessories retailer reported better-than-estimated second-quarter revenue and earnings.

The retailer also lifted its annual sales outlook despite the macroeconomic uncertainty. 

PVH Corp. dropped 7.8% to $22.11, and the apparel manufacturer reported revenue that matched analysts' expectations, but the company's current quarter outlook disappointed investors. 

Berkshire Hathaway Class B increased 1% to $465.56, and the company said it sold 24.7 million shares of Bank of America and extended its sale to $5 billion over the last two months. 

Berkshire's share in Bank of America dropped to 11.6% after the latest sale. 

Abercrombie & Fitch declined 4.5% to $141.87 despite the specialty apparel retailer reporting higher sales and earnings in its fiscal second quarter and the company lifting its annual outlook. 

Revenue increased 21% to $1.1 billion, net income soared to $133 million from $57 million, and earnings per share advanced to $2.50 from $1.10 a year ago. 

The company revised its full-year sales to increase between 12% and 13%, from the previous estimate of an increase of 10%. 

Foot Locker plunged 15.3% to $27.77, and the footwear retailer reported better-than-expected sales and smaller-than-expected loss in the latest quarter, but the weak outlook weighed on the stock. 

Revenue in the latest quarter increased 1.9% to $1.89 billion from $1.86 billion, net loss expanded to $12 million from $5 million, and diluted loss per share rose to 13 cents from 5 cents a year earlier. 

Comparable sales in the latest quarter increased 2.6%, driven by global Foot Locker and Kids Foot Locker sales rise of 5.2%.