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US retailer AEO achieves record sales & operating income in May-July
06 Sep 21 2 min read
American Eagle Outfitters (AEO), a US-based specialty retailer offering on-trend clothing, has reported all time high second quarter (Q2) revenue of $1.19 billion, up 35 per cent against the revenue of $0.88 billion in the same period of prior fiscal. Operating income for the quarter ended on July 31, 2021, rose to $168.0 million (Q2 FY20: loss $12.2 million).
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“It’s extremely gratifying to see significant growth across our business, as we delivered another quarter of record revenue and profitability. Results underscore the strength of our brands, outstanding product and a leading customer experience across selling channels,” Jay Schottenstein, AEO’s executive chairman of the board and chief executive officer, said in a press release.
“We are running our business with a laser focus on profitability through inventory and real-estate optimisation initiatives and investments to enhance our supply chain. Led by an expanding customer file, Aerie is achieving consistent, robust multi-year growth and very strong profit flow through,” Schottenstein added.
Segmentally, American Eagle reported revenue jump of 35 per cent to $845.8 million against second quarter of 2020 ended on August 1, 2020. While Aerie segment’s sales during the three-month period climbed 34 per cent to $335.8 million.
The American retailer’s gross profit for the second quarter almost doubled to $502.4 million, while selling, general and administrative expenses totalled to $293.9 million. The company’s net income shot up to $121.5 million against loss of $13.7 million in Q2 FY20.
“American Eagle posted meaningful top-and bottom-line increases with significant unlock still ahead. Our Real Power. Real Growth. plan has been a guiding light for all facets of the business, positioning us to successfully navigate a dynamic macro environment,” Schottenstein concluded. “Despite external challenges, I believe we are on path to achieve $600 million in operating income this year, well ahead of our previous target.”
Fibre2Fashion News Desk (JL)
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