WASHINGTON (dpa-AFX) - American Eagle Outfitters Inc. (AEO) reported a profit for the second-quarter compared to a loss in the prior year. Quarterly net revenues increased 35 percent, while store revenue increased 73 percent. Revenue for the quarter missed analysts' expectations.
In Thursday pre-market trade, AEO was trading at $26.50 down $3.55 or 11.81%.
The company said it is on path to achieve $600 million in operating income this year, well ahead of its previous target.
The company reported that its second-quarter net income was $121.51 million or $0.58 per share compared to a loss of $13.75 million or $0.08 per share in the prior year.
On a non-GAAP basis, net income for the second-quarter was $125.27 million or $0.60 per share compared to a loss of $479 thousand or break even per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the second-quarter. Analysts' estimates typically exclude special items.
Total net revenue increased 35 percent to $1.19 billion from $0.88 billion in the second quarter of 2020. Analysts expected revenues of $1.23 billion for the second-quarter.
Consolidated store revenue increased 73 percent from second quarter 2020 due to an improvement in store traffic. Total online demand the quarter was up 9 percent.
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