American retailer Eagle Outfitters’ profit fell 63 per cent in the third quarter, to US $ 9.03 million from US $ 24.9 million in the year-ago period. It forecast a current-quarter profit that missed analysts’ estimates and reported its fifth straight fall quarterly income as net revenue dropped to US $ 854.3 million from US $ 857.3 million amid sluggish mall traffic and increased online competition. Jay Schottenstein, interim CEO of the company said, “We managed the business better and were able to reduce markdown rates and control expenses. Our ongoing priority to strengthen our business is reflected in the restructuring activities and efforts to drive a better customer experience through improved merchandising, customer engagement and building omni-channel capabilities.” Search for a permanent CEO for the company is underway.
