American Eagle Outfitters reiterates Q4 guidance, comps up 6%
American Eagle Outfitters Inc announced on Monday a strong start to its fourth quarter allowing the group to reiterate its previously issued fourth quarter EPS guidance expected to be in the range of $0.40 to $0.42 per diluted share.
Fourth quarter comparable sales to date increased 6 percent, following an 8 percent comp increase last year, the Pittsburgh-based retail group said.
“Fueled by our leading brands and a favorable customer response to the merchandise collections, I’m pleased to report another record holiday season,” said Jay Schottenstein, AEO’s Chief Executive Officer.
“The teams delivered positive results across brands and channels, demonstrating consistent business performance. We remain focused on driving profitable revenue growth and delivering shareholder value.”
Ahead of the holidays, the company forecasted holiday-quarter earnings below Wall Street expectations as it planned to ramp up expenditure on advertising, focusing on its Aerie line of lingerie, to drive sales during the busy shopping season.
In December, AEO repurchased an additional 4 million shares, bringing the year-to-date total to 7.3 million shares repurchased for a total of $144 million.
Full fourth quarter and fiscal 2018 results are expected to be announced on March 6, 2019.
Copyright © 2022 FashionNetwork.com All rights reserved.