American Eagle Outfitters Reports Q1 Results: The Details

Zinger Key Points
  • American Eagle Outfitters reports adjusted earnings of 17 cents per share.
  • Quarterly revenue is $1.143 billion, up from $1.08 billion from the same period last year, but below the analyst estimate of $1.15 billion.
Loading...
Loading...

American Eagle Outfitters, Inc. AEO reported its first-quarter financial results after the bell Wednesday. Here's a look at the details. 

The Details: American Eagle Outfitters reported adjusted earnings of 17 cents per share and quarterly revenue of $1.143 billion, up from $1.08 billion from the same period last year, but below the analyst estimate of $1.15 billion.

The company reported store revenue rose 4% and digital revenue increased 12%. Aerie revenue of $373 million rose 4%, with comp sales up 6%. American Eagle revenue of $725 million increased 8%, with comp sales growing 7%.

American Eagle reported a gross profit of a $464 million increase of 12%, reflecting a gross margin rate of 40.6%, expanding 240 basis points. The company said margin expansion was driven by strong inventory management, the company’s shift to a more profitable clearance strategy, lower product and transportation costs and leverage on expenses including rent, delivery, and distribution and warehousing.

“Our strong first quarter results underscore the power of our iconic brand portfolio and demonstrate great progress on our Powering Profitable Growth strategy. We achieved record revenue, amplifying American Eagle’s and Aerie’s leading market positions and opportunity in casual apparel,” said Jay Schottenstein, American Eagle Outfitters’ CEO.

“We continued to offer exciting merchandise collections and customer activations, providing compelling in-store and digital shopping experiences. This, combined with actions to optimize our operations and drive efficiencies across the organization, contributed to meaningful profit expansion, which was ahead of expectations,”

Outlook: American Eagle Outfitters sees second-quarter operating income in a range of $95 million to $100 million and fiscal-year 2024 operating income in a range of $445 million and $465 million.

AEO Price Action: According to Benzinga Pro, American Eagle Outfitters shares are down 7.40% after-hours at $22.27 at the time of publication Wednesday.

Related News: What’s Going On With AMC Entertainment Stock Today?

Photo: Refrina via Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsAfter-Hours CenterMoversfashionretailwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...