American Eagle Outfitters Inc AEO shares are trading higher by 2.82% to $19.71 Friday afternoon. Shares of retail and apparel stocks are trading higher following strong earnings from Gap Inc and Ross Stores.
What Happened With Gap?
Gap had a strong earnings report, with earnings per share reaching 59 cents, surpassing the expected 18 cents. Their quarterly sales totaled $3.767 billion, beating market predictions of $3.610 billion.
However, these sales reflected a 7% decrease compared to the same period in 2022, where sales were $4.039 billion...Read More
Why This Matters To AEO Investors
A strong earnings report by Gap might indicate that the retail sector, especially in clothing, is doing well. This can boost investor confidence in the industry as a whole, leading them to invest in related companies like American Eagle.
When a company surpasses market predictions for earnings and sales, it often reflects positively on the industry's potential. This could lead investors to reassess their expectations for American Eagle.
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According to data from Benzinga Pro, AEO has a 52-week high of $20.21 and a 52-week low of $9.95.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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