What’s going on with AEO?
American Eagle Outfitters (AEO) stock was trading 3.91% higher after the specialty apparel retailer reported better-than-expected preliminary first quarter revenue would reach over $1 billion, and set the quarter earnings call for May 26. The shares were trading at $34.27 on Thursday afternoon.
What does it mean for American Eagle Outfitters?
American Eagle Outfitters announced preliminary “mid-teens increase compared to pre-COVID 2019 first quarter reported revenue" suggesting the retailer is recovering from the shutdown caused by the coronavirus pandemic.
The company attributed the growth to increased demand for its American Eagle and Aerie brands, combined with “economic stimulus, renewed consumer optimism and pent-up demand,” according to a press release. American Eagle reported operating income of about $120 million for the first quarter, compared to first quarter 2019 operating income of $48 million.
“We are seeing great progress at American Eagle, with stronger merchandise, marketing and inventory management clearly demonstrating the power and true potential of our leading brand,” said Jay Schottenstein, AEO’s executive chairman of the board and CEO.
“Looking forward, I have never been more optimistic about our future than I am today. We remain disciplined and focused on delivering profit growth through our Real Power. Real Growth value creation plan, with our sights set on achieving our 2023 financial targets and generating superior shareholder returns,” he added.
American Eagle will report its first quarter 2021 financials on May 26 and will host an earnings call at 4:30 p.m. E.T.
AEO has an Overall Score of 54. Find out what this means to you and get the rest of the rankings on AEO!
American Eagle Outfitters Inc is an apparel and accessory retailer with company stores throughout North America, China, Hong Kong, and the United Kingdom. The company leases all of its stores, and the vast majority of stores are in the United States. American Eagle also has an online business that ships worldwide. The company's primary brand, American Eagle Outfitters, sells casual apparel and accessories that target 15- to 25-year-old men and women. Its Aerie brand sells intimates and personal-care products for women. Women's items comprise the majority of the company's sales. American Eagle designs its own merchandise and sources its production from third-party manufacturers that are mostly located outside of North America.
