WASHINGTON (dpa-AFX) - Specialty apparel retailer American Eagle Outfitters, Inc. (AEO) Wednesday reported a drop in net earnings as well as revenues for the second quarter. Nevertheless, both earnings and revenues topped analysts' estimates.
Revenue from new stores nearly offset a 7 percent decline in comparable sales, the company said in an earnings statement.
For the 3-month period, net earnings were $5.81 million or $0.03 per share, down from $19.59 million or $0.10 per share a year earlier.
On average, twenty-nine analysts polled by Thomson-Reuters expected the company to report breakeven earnings for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net revenues declined 2 percent to $710.59 million, from $727.31 million last year, but were above the $689.94 million Wall Street expected.
Looking ahead, the company expects adjusted third-quarter earnings of $0.17 to $0.19 per share, while analysts expect $0.18 per share.
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