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American Eagle posts stronger than expected sales
03
May '12
American Eagle Outfitters Inc. announced that based on stronger than expected sales and less promotional activity, the company is raising its first quarter earnings expectation to $0.18 to $0.20 per diluted share, compared to earnings of $0.14 per diluted share last year. The company's previous first quarter earnings guidance was $0.08 to $0.10 per diluted share.

Net sales for the first quarter increased 18% to $719 million compared to $610 million last year. Comparable store sales increased 17%, including sales from AEO direct.

Robert Hanson, chief executive officer of American Eagle Outfitters stated, “The team delivered on our near-term priorities of driving a competitive top line and improving margins. We experienced broad-based strength in our spring merchandise selling, which enabled us to pull back on full scale promotional plans. Looking ahead, our larger goal is to build upon our capabilities to deliver consistent profitable growth.”

For fiscal 2012, the company is initiating an EPS range of $1.06 to $1.12 per diluted share, which assumes comparable store sales growth in the low- to mid- single digit range. In fiscal 2011, adjusted earnings per diluted share were $0.86, which excluded store impairment and executive transition costs as noted in the table below.

American Eagle Outfitters Inc. is a leading global specialty retailer offering high-quality, on-trend clothing, accessories and personal care products at affordable prices under its American Eagle Outfitters, Aerie and 77kids brands.

American Eagle Outfitters Inc


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Courtesy: Business wire

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