American Eagle stock tumbles on forecast for sales decline
Shares of American Eagle Outfitters Inc. (AEO) fell 14% after hours on Wednesday after the clothing retailer forecast a "low-single digits" sales decline for the second quarter, amid "ongoing macro challenges" that have led to more muted demand for apparel. Analysts polled by FactSet expected sales growth of around 1% for that quarter. For its first quarter, American Eagle reported net income of $18.5 million, or 9 cents a share, compared with $31.7 million, or 16 cents a share, in the same quarter last year. Revenue rose slightly to $1.08 billion, compared with $1.06 billion in the prior-year quarter. Excluding impairment and restructuring charges, American Eagle earned 17 cents a share. Analysts polled by FactSet expected adjusted earnings per share of 16 cents, on revenue of $1.07 billion.
-Bill Peters
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05-24-23 1645ET
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