Shares of apparel retailer American Eagle Outfitters (AEO
) were down on Thursday morning after the company reported a drop in its nine-week same store sales.
AEO’s Sales
- For the nine-week period that ended on January 5, AEO reported a 2% drop in revenue to $882 million from $904 million a year ago.
-The company reported that comps fell 7%, compared to a 5% growth in the same period last year.
-AEO expects to see Q4 earnings of 26 cents per share, below analysts’ estimate of 29 cents per share.
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CEO Commentary
Robert Hanson, AEO’s CEO, commented: “Following a solid Thanksgiving weekend, traffic and sales through Christmas week were on the low end of our expectations and the retail environment was highly promotional, pressuring margins and EPS. Our post-Christmas clearance event is meeting our expectations and we expect to end the year with inventories on plan. We are intensely focused on making fundamental improvements to our business as we adapt to a fast-changing retail landscape.”
Stock Performance
American Eagle shares were down 18 cents, or 1.20% during pre-market trading Thursday.
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