American Eagle Outfitters has reported a year-on-year increase of 8 per cent in fourth quarter-to-date revenue thanks to record holiday sales and strong merchandise margins.
Sales of the Aerie brand were up in the low teens, while the American Eagle brand also posted a high single-digit increase.
“This holiday season we executed with confidence and precision, delivering winning product assortments and an exciting customer experience which showcased the strength of our brands and operations,” said Jay Schottenstein, executive chairman and CEO at American Eagle Outfitters.
The company has raised its fourth quarter outlook, expecting revenue to be up low double digits. Operating profit is projected to be approximately $130 million, up from previous guidance of $105 to $115 million.
“Looking ahead to 2024, we remain confident in our ability to deliver healthy earnings growth and operating rate improvement as we maintain inventory and promotional discipline, prioritize expense control and benefit from ongoing work on our profit improvement initiative,” added Schottenstein.
