The above forecast is based on a comparable sales increase of 2 per cent, building on 8 per cent growth last year. The retail calendar will have an adverse impact on total revenue, resulting in total revenue down approximately 5 per cent. Trends across American Eagle and Aerie were positive, AEO said in a press release.
“As a top destination for holiday shopping, we achieved record sales in December. We came to market with exciting new product assortments and engaging customer experiences, resulting in growth across brands and selling channels,” said Jay Schottenstein, executive chairman of the Board and chief executive officer at AEO. “We also remain focused on driving operational efficiencies, putting us on track to deliver high-teens operating profit growth in 2024.”
Fourth quarter-to-date, the company has repurchased 1.5 million shares for $27 million, bringing year-to-date (YTD) repurchases to 7.5 million shares for $158 million. The company continues to have 22.5 million shares remaining for repurchase under the current authorisation. In YTD, the company has returned $231 million in cash to shareholders through a combination of dividends and share repurchases.
Fibre2Fashion News Desk (SG)