American Eagle Outfitters Inc after Wednesday’s close reported second quarter 2023 earnings per share (EPS) of $0.25, handily surpassing the analyst consensus forecast of $0.15.
The teen clothing retailer, meanwhile, generated record net revenue for period of $1.2 billion, edging past expectations of $1.19 billion.
"I am pleased to report second quarter revenue and operating profit that exceeded our expectations," American Eagle Outfitters CEO Jay Schottenstein said in a statement.
"Demand picked up in June and July reflecting brand strength and on trend collections that are resonating well with customers, supported by exciting new marketing campaigns," he added.
Looking ahead, American Eagle Outfitters upped its annual revenue forecast, now expecting full year 2023 sales to rise in low single digits, compared with its previous forecast for a flat- to low-single-digit decline.
The company anticipates steady demand for its wide-legged pants, tops and accessories, along with about $25 million in benefits from its profit improvement initiatives.
Shares of American Eagle, though, fell 4% in Wednesday’s after-hours trading session.
Contact Sean at sean@proactiveinvestors.com