American Eagle Outfitters, Inc. reported earnings of $0.02 per diluted share for the first quarter ended May 3, 2014, compared to adjusted earnings of $0.18 per diluted share for the comparable quarter last year.
American Eagle Outfitters, Inc. reported earnings of $0.02 per diluted share for the first quarter ended May 3, 2014, compared to adjusted earnings #
Jay Schottenstein, Interim CEO stated, “Results were consistent with our expectations. The quarter reflected weak sales and increased markdowns. We are committed to improved profitability and are working hard to implement our plan to strengthen our brands, channels and operations.
American Eagle Outfitters, Inc. reported earnings of $0.02 per diluted share for the first quarter ended May 3, 2014, compared to adjusted earnings #
"Specific actions underway include continuing to build strong omni-channel capabilities, rationalizing our store fleet, reducing expenses, growing international licensed stores, and most importantly, delivering great merchandise and customer experience across our brands. Our focus is on leveraging our strong brands and talented team in order to deliver long-term profitable growth and enhanced value for our shareholders.”
American Eagle Outfitters, Inc. reported earnings of $0.02 per diluted share for the first quarter ended May 3, 2014, compared to adjusted earnings #
First Quarter 2014 Results
-Total net revenue decreased 5% to $646 million from $679 million last year.
-Total revenue included growth from non-comp factory stores, international stores and licensed store revenue.
-Consolidated comparable sales decreased 10%, following a 5% decrease last year.
-Gross profit decreased 15% to $226 million and 420 basis points to 34.9% as a rate to revenue.
-Gross margin reflected the de-leverage of rent on negative comparable sales and increased markdowns, partially offset by favorability in merchandise and design costs.
-Selling, general and administrative expense of $185 million increased 2% or $4.3 million, which included $2.3 million in severance. Investments in factory stores, international and omni-channel drove the increase, and were largely offset by $10 million of expense reductions.
-Operating income decreased 85% to $8 million. The operating margin decreased 710 basis points to 1.3%.
-EPS of $0.02 compares to adjusted EPS of $0.18 last year.
American Eagle Outfitters, Inc. reported earnings of $0.02 per diluted share for the first quarter ended May 3, 2014, compared to adjusted earnings #