American Eagle Outfitters’ net income surges 267 per cent

(Source: American Eagle/Facebook)

American Eagle Outfitters (AEO) beats expectations with net income surging 267.2 per cent year over year to $67.8 million in the first quarter.

The company’s operating income soared 240.9 per cent to $77.8 million as revenue increased 5.8 per cent to $1.14 billion. Store revenue rose 4 per cent and digital revenue climbed 12 per cent.

“Our strong first quarter results underscore the power of our brand portfolio and demonstrate great progress on our Powering Profitable Growth strategy,” said Jay Schottenstein, executive chairman and CEO at AEO.

Aerie revenue grew 4 per cent to $373 million, with comparable sales up 6 per cent. Meanwhile, American Eagle revenue jumped 8 per cent to $725 million with comparable sales rising 7 per cent.

The company forecasts operating income of $445 to $465 million, with revenue up by 2 per cent to 4 per cent for the full fiscal year. The company estimates operating income of $95 to $100 million, with double-digit revenue growth in the fiscal second quarter.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.