American Eagle says Q4 revenue down about 3% in quarter-to-date, at higher end of expectations
American Eagle Outfitters Inc. (AEO) said Monday its fourth-quarter brand revenue is down about 3% in the quarter through Jan. 7, tracking at the higher end of its expectations. American Eagle is tracking slightly ahead, while its underwear brand Aerie is in line with expectations. "Gross margins are now expected to be on the high end of the company's guidance of 32-33%, reflecting controlled promotions fueled by strong inventory management," the company said in a statement. Current inventory is well-positioned with quarter-end inventories expected to be down compared to last year, in-line with prior guidance." The stock was up 2.3% premarket, but has fallen 37% in the last 12 months, while the S&P 500has fallen 17%.
-Ciara Linnane
(END) Dow Jones Newswires
January 09, 2023 08:09 ET (13:09 GMT)
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