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American Eagle to shutdown 65-100 US stores by 2013
23
Mar '11
In view of the high response witnessed in the Internet sales during the last quarter of 2010, American Eagle Outfitters is now diverting its focus to e-commerce and global expansion. It has decided to close down around 65 to 100 of its outlets in the US through 2012 and 2013, which would bring down the total number to around 900.

James O'Donnell, CEO and President of American Eagle had recently said that, the closures are subject to negotiations with the landlords regarding lease, and as this is going to be a large-scale closure, it is difficult for them to pinpoint a specific number of outlets that would be closed. However, the closures would be on a larger scale than any of those done in the past, he added.

The retailer's total sales turnover for last quarter of 2010 dropped by four percent to $916 million, as against $956 million during corresponding period in 2009, while its comparative stores sale witnessed a drop of seven percent during the review period, as against a hike of five percent a year earlier.

However, the firm's direct sales to consumers, including online sales via ae.com, aerie.com and 77kids.com grew by four percent during the period, all attributable to higher traffic and a hike in the conversion rates during December.

The retailer intends to launch 20 franchised AE outlets in the Middle East, Russia, China and Hong Kong during the current year, after experiencing that its e-commerce sales in these regions were considerably high then that of the other areas.

Fibre2fashion News Desk - India


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