(Bloomberg) -- Abercrombie & Fitch Co. beat analysts’ sales expectations for the sixth consecutive quarter, but it wasn’t enough to impress investors who have grown accustomed to the ’90s fashion comeback.

Most Read from Bloomberg

• Nazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban Eyecatcher

• Chicago Overcomes DNC Skeptics With Calm, Parties and Sun

The retailer said comparable sales rose 18% in the second quarter, exceeding the 15% growth that analysts had projected. The outperformance was driven by the Hollister chain, while sales at namesake Abercrombie stores were roughly in-line with estimates. Gross margin was also slightly below expectations.

Shares of Abercrombie fell 11% at 8:30 a.m. in early New York trading. Expectations were high ahead of the results as the stock had almost doubled this year through Tuesday’s close, the best performer among 15 companies in the S&P Composite 1500 Apparel Retail Index. That’s on top of a nearly 300% jump in the shares in 2023.

Abercrombie “is held to a higher standard than most retailers” so “people will probably be modestly underwhelmed” with these results, Adam Crisafulli, an analyst at Vital Knowledge, wrote in a note to clients.

Once known for its perfumed stores and shirtless models, the New Albany, Ohio-based company has won Gen Z and millennial adults with its denim offerings, wedding shop and weekly drops of new items. Sales at Abercrombie have continued to grow rapidly in recent quarters even as budget-conscious shoppers rein in spending on other discretionary purchases.

Chief Executive Officer Fran Horowitz highlighted the “increasingly uncertain environment” for retailers in a statement Wednesday. Even so, the company raised its full-year sales outlook.

(Updates shares in third paragraph, adds analyst comment in fourth)

Most Read from Bloomberg Businessweek

• Hong Kong’s Old Airport Becomes Symbol of City’s Property Pain

• Far-Right ‘Terrorgram’ Chatrooms Are Fueling a Wave of Power Grid Attacks

• US Tech Is Holding Back Some AI Products From Europe

• Losing Your Job Used to Be Shameful. Now It’s a Whole Identity

• FOMO Frenzy Fuels Taiwan Home Prices Despite Threat of China Invasion

?2024 Bloomberg L.P.