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Tuesday, November 24, 2009
American Eagle Profit Rises Amid Sales Drop
By Andria Cheng
MarketWatch Pulse
NEW YORK -- Teen retailer American Eagle Outfitters Inc. said Tuesday that its profit rose to $59.2 million, or 28 cents a share, from $42.6 million, or 21 cents, a year earlier. Excluding a tax benefit, the company said it would have earned 21 cents a share. Analysts, on average, estimated American Eagle to earn 22 cents a share, according to FactSet. Sales in the quarter ended Oct. 31 fell to $749 million from $754 million. Comparable-store sales dropped 4%. The teen clothing retailer said it won't provide a fourth-quarter forecast until it reports its November sales on Dec. 3 because of the importance of Thanksgiving weekend. It added comparable-store sales in the first three weeks of November declined 5%.
Copyright © 2009 MarketWatch, Inc.
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