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Staple clothing retailer AE cuts Q1 guidance

Apr '08
American Eagle Outfitters Inc announced that total sales for the five weeks ended April 5, 2008 decreased 2% to $267.3 million, compared to $271.4 million for the five weeks ended April 7, 2007. Comparable store sales were down 12% for the month, compared to a 20% increase for the same period last year.

March sales were well below the company's recent expectations. Traffic and sales trends were weak throughout the month. Additionally, traffic over Easter and peak spring break periods was lower than anticipated.

Total sales for the year-to-date nine week period ended April 5, 2008 increased 1% to $442.4 million, compared to $437.7 million for the nine week period ended April 7, 2007. Comparable stores sales for the period decreased 9% for the year-to-date period compared to the same nine week period last year.

The company is lowering its first quarter earnings guidance to $0.18 to $0.20 per share, compared to $0.35 per share last year. The company's previous guidance was $0.25 to $0.27 per share.

American Eagle Outfitters Inc

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