American Eagle raises view after strong third quarter
Pittsburgh -- American Eagle Outfitters Inc. on Wednesday reported a higher-than-expected third-quarter profit, helped by strong same-store sales. The chain also raised its full-year earnings prompting it to raise its full-year forecast for the second time this year.
Net income for the quarter ended Oct. 27 rose to $78.6 million, from $52.4 million a year ago.
Sales rose 11% to $910 million. Same-store sales jumped 10%.
“Our third quarter reflected on-going business momentum, profitable sales growth, and a leading brand and product driven customer experience. We’re also pleased to see business strength carry into the fourth quarter and record results over Thanksgiving weekend,” said Robert Hanson, CEO.
In the third quarter, online sales increased 27%, compared with a 21% increase last year. Total merchandise inventories at the end of the third quarter were $481 million compared to $555 million last year.