Tags: American | Eagle | Shares | Update

American Eagle Shares Fall on Disappointing Update

Monday, 05 Aug 2013 05:14 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

American Eagle Outfitters Inc. tumbled in late trading Monday after the clothing retailer said second-quarter profit was less than it forecast because of disappointing sales of women’s clothing and weak shopper traffic.

The shares slid 16 percent to $16.80 at 4:46 p.m. in New York and earlier dropped as low as $16.62. The Pittsburgh-based company’s shares had declined 2.6 percent this year through the close of regular trading Monday, compared with a 20 percent gain in the Standard & Poor’s 500 Index.

Earnings in the quarter ended Aug. 3 were about 10 cents a share, less than the forecast of 19 cents to 21 cents, the company said in a statement today. Revenue decreased about 2 percent.

“We are not at all happy with our second-quarter results, which were impacted primarily by a disappointing performance of our American Eagle Outfitters women’s assortment and weak traffic,” Chief Executive Officer Robert Hanson said in the statement.

Preliminary same-store sales, including online transactions, declined 7 percent in the second quarter, compared with an 8 percent increase in the same period a year earlier.

American Eagle will report full second-quarter results Aug. 21.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved