by Christopher Freeburn | August 22, 2012 12:40 pm
American Eagle Outfitters (NYSE:AEO) announced on Wednesday that it earned $19.03 million during the second quarter, down 3% from $19.7 million in the same period last year.
The apparel maker and retailer recorded sales of $740 million, up 11% from 2011. Adjusted EPS for the quarter was 21 cents. That was in line with Wall Street forecasts, Reuters noted.
Shares of American Eagle Outfitters jumped more than 6% in Wednesday afternoon trading.
The company said that same-store sales increased 9% over last year. Company officials projected full-year earnings of between $1.33 and $1.36 a share. That topped analysts’ forecasts for a profit of $1.32 a share for 2012.
Analysts noted that the company has introduced new clothing lines to appeal to teenagers, putting it in a competitive position as it enters the back-to-school shopping season.
It has been a mixed season for teen-oriented apparel makers. While the Gap (NYSE:GPS) announced second-quarter earnings that beat Wall Street predictions and raised its earnings outlook for the year, rivals Abercrombie & Fitch (NYSE:ANF) and Aeropostale (NYSE:ARO) predicted weak sales in coming quarters.
Source URL: https://investorplace.com/2012/08/american-eagle-outfitters-shares-up-on-profit-outlook/
Short URL: http://invstplc.com/1nysqNl
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.