By brand, AEO's comparable sales decreased 1 per cent in Q2, following a 7 per cent increase last year. Aerie's comparable sales increased 16 per cent, building on a 27 per cent increase last year and marking the 19th consecutive quarter of double-digit growth, said AEO in a press release.
Gross profit rose 8 per cent to $383 million from $353 million.
"We had a number of wins and accomplishments in the second quarter, yet we were disappointed to report operating results below our expectations. We faced challenges largely stemming from underperformance in certain seasonal categories and a delayed start to back-to-school. Despite this, we delivered our 18th consecutive quarter of positive consolidated comparable sales growth. We were also encouraged to see many areas of the business perform well, including continued strong momentum in AE Jeans, Aerie and our digital channel — all major growth priorities. The AE team has taken quick action to strengthen the business and we are pleased to see an improvement in third quarter-to-date sales. Our brands remain strong and we are well-positioned to continue to grow and gain market share," said Jay Schottenstein, AEO’s chairman and chief executive officer.
Based on an anticipated comparable sales increase in the low to mid single digits, AEO management expects third quarter 2019 EPS to be approximately $0.47 to $0.49. The guidance excludes potential asset impairment and restructuring charges. Last year the company had reported EPS of $0.48 for the third quarter. (PC)
Fibre2Fashion News Desk – India
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