Tags: American | Eagle | Shares | Update

American Eagle Shares Fall on Disappointing Update

Monday, 05 Aug 2013 05:14 PM

 

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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.

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