View Mobile Site

American Eagle beats 3Q profit forecasts

Text Size: Small Large Medium
POSTED December 2, 2015 11:41 p.m.

PITTSBURGH (AP) — American Eagle Outfitters Inc. on Wednesday posted a third-quarter profit that topped Wall Street expectations and named its interim CEO — and longtime chairman — to the post permanently.
The teen clothing retailer reported fiscal third-quarter profit of $74.1 million, or 38 cents a share. Earnings, adjusted to account for discontinued operations, came to 35 cents per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
Pittsburgh-based American Eagle posted revenue of $919.1 million in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $929.8 million.
Sales in stores open at least a year — a key metric of a retailer’s health — rose 9 percent.
For the current quarter ending in January, American Eagle expects its per-share earnings to range from 40 cents to 42 cents. That brackets the average analyst estimate of 41 cents per share, according to FactSet.
Separately the company said it named Jay Schottenstein, its interim CEO since January 2014, to the post permanently. Schottenstein, chairman of the company since 1992, previously served as CEO from March 1992 to December 2002. He is also one of the retailer’s biggest shareholders with a 7.8 percent stake.
American Eagle shares have increased 14 percent since the beginning of the year. The stock added 31 cents to $16.12 in extended trading following the earnings report.

Commenting is not available.

Commenting not available.

Please wait ...