American Eagle Outfitters (AEO), a specialty retailer offering on-trend clothing and personal care products, posted 38 per cent sales decline to $551.69 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to $886.29 million in same period prior year. AEO reported a net loss of $257.16 million compared to net income of $40.75 million in Q1 FY19.
American Eagle Outfitters (AEO), a specialty retailer offering on-trend clothing and personal care products, posted 38 per cent sales decline to $551.69 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to $886.29 million in same period prior year. AEO reported a net loss of $257.16 million compared to net income of $40.75 million in Q1 FY19.#
“Store closures and aggressive inventory liquidation had a significant impact on our first quarter financials. Yet customer engagement remained high and digital demand accelerated, well-exceeding our expectations. Aerie’s performance was truly exceptional despite store closures”,
Jay Schottenstein, AEO’s chairman and chief executive officer, said in a press release.
American Eagle Outfitters (AEO), a specialty retailer offering on-trend clothing and personal care products, posted 38 per cent sales decline to $551.69 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to $886.29 million in same period prior year. AEO reported a net loss of $257.16 million compared to net income of $40.75 million in Q1 FY19.#
Gross profit for the quarter were $28.30 million (Q1 FY19: $324.92 million). Selling, general and administrative expenses fell to $188.19 million ($230.74 million). AEO reported operating loss of $358.24 million compared to operating income of $47.84 million in same period prior year.
American Eagle Outfitters (AEO), a specialty retailer offering on-trend clothing and personal care products, posted 38 per cent sales decline to $551.69 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to $886.29 million in same period prior year. AEO reported a net loss of $257.16 million compared to net income of $40.75 million in Q1 FY19.#
By brand,
American Eagle revenue decreased 45 per cent compared to a 5 per cent increase last year. Aerie’s revenue decreased 2 per cent, following a 28 per cent increase last year.
American Eagle Outfitters (AEO), a specialty retailer offering on-trend clothing and personal care products, posted 38 per cent sales decline to $551.69 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to $886.29 million in same period prior year. AEO reported a net loss of $257.16 million compared to net income of $40.75 million in Q1 FY19.#
The company’s digital demand, as measured by ordered sales, jumped 33 per cent. Aerie sales rose 75 per cent and AE grew 15 per cent. First quarter digital reported revenue was up 9 per cent, reportedly due to strong demand, partly offset by temporary delays in fulfilment that led to higher than normal DC backlogs.
American Eagle Outfitters (AEO), a specialty retailer offering on-trend clothing and personal care products, posted 38 per cent sales decline to $551.69 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to $886.29 million in same period prior year. AEO reported a net loss of $257.16 million compared to net income of $40.75 million in Q1 FY19.#
“I’m very pleased to see stores re-opening strong, supported by industry-leading health and sanitisation measures to ensure safe and secure stores for our associates and customers,” Schottenstein said.
American Eagle Outfitters (AEO), a specialty retailer offering on-trend clothing and personal care products, posted 38 per cent sales decline to $551.69 million in first quarter (Q1) FY20, ended on May 2, 2020 compared to $886.29 million in same period prior year. AEO reported a net loss of $257.16 million compared to net income of $40.75 million in Q1 FY19.#
American Eagle and Aerie will be well-positioned for the back-to-school and fall seasons. We will offer compelling new collections and deliver the best customer experiences.”
Fibre2Fashion News Desk (JL)
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