American Eagle Outfitters Shares Soar After Earnings, Revenue Beat Estimates
American Eagle Outfitters Inc. shares soared 11.4% in Wednesday premarket trading after the clothing retailer reported second-quarter earnings and revenue that beat estimates. The company's net income was $21.2 million, or 12 cents per share, down from $41.6 million, or 23 cents per share, for the same period last year. Adjusted EPS was 19 cents, beating the 16-cent FactSet consensus. Revenue totaled $844.6 million for the quarter, up from $822.6 million and exceeding the $824.0 million FactSet consensus. Same-store sales rose 2%, ahead of the FactSet estimate for a 0.4% decline. American Eagle sees third-quarter same-store sales in the range of flat to up low single digits and EPS of 36 cents to 38 cents. The FactSet consensus is for a same-store sales increase of 0.8% and EPS of 38 cents. American Eagle shares are down 26.1% for the year so far while the S&P 500 index is up 9.5% for the period.
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