American Eagle Outfitters, Inc. reported that its second-quarter revenues increased by 8 per cent to US $ 1.3 billion, driven by strong increases in both its online and offline sales.
By brand, revenue for Aerie increased by 9 per cent to US $ 416 million, with comp sales rising by 4 per cent, and revenue for American Eagle increased by 8 per cent to US $ 828 million, with comp sales rising by 5 per cent.
Store sales increased 7 per cent by channel; but, digital revenue jumped by 12 per cent. Net income increased to US $ 77.3 million for the three months ending August 3 from US $ 48.6 million for the same period last year.
“Our Powering Profitable Growth strategy is off to a great start, locking in a strong first half and setting us on track to achieve the high end of our prior operating profit outlook for 2024. The second quarter marked our sixth consecutive quarter of record revenue and we successfully leveraged our cost base – advancing a number of strategic priorities to fuel growth across brands and channels and drive operating efficiencies,” said Jay Schottenstein, AEO’s executive chairman of the board and chief executive officer.
For the third quarter, the company expects comparable sales to increase in the range of 3 per cent to 4 per cent, with total revenue flat to up slightly.
