AEO raises EPS outlook on strong 2Q sales
PITTSBURGH — American Eagle Outfitters is raising its EPS outlook, thanks to stronger than expected sales for the second quarter.
The company's new second quarter outlook calls for earnings per share of 19 cents to 21 cents. Previous guidance called for EPS between 13 cents and 15 cents.
Net sales for the second quarter increased 11% to $740 million compared with $669 million last year. Comparable-store sales increased 9%, including sales from AEO direct.
Robert Hanson, CEO stated, “Continuing the strength from the first quarter, we saw improvements across our product assortments, our brands and geographic regions during the second quarter. We successfully pulled back promotional activity, while maintaining increased traffic and transactions. As we look forward, our greater goal is to deliver consistent performance and strong returns over the long term.”
The company expects to provide a third quarter outlook with the second quarter earnings release on Aug. 22.