American Eagle posts 3% quarterly sales decline on pandemic hit By Reuters

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American Eagle posts 3% quarterly sales decline on pandemic hit

Stock Markets Nov 24, 2020 04:30PM ET

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American Eagle posts 3% quarterly sales decline on pandemic hit

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(Reuters) - American Eagle Outfitters (NYSE:AEO) Inc reported an about 3% fall in third-quarter revenue on Tuesday, as store traffic slumped due to the COVID-19 pandemic.

The teen apparel retailer has been struggling with weak demand for its denim apparel from customers staying at home due to the health crisis and a back-to-school season hampered by students turning to online classes.

Revenue at the American Eagle label fell 11% during the quarter ended Oct. 31, while the Aerie brand recorded a revenue jump of 34%.

Total revenue fell to $1.03 billion, from $1.07 billion a year earlier.

Net income attributable to the company fell to $58.1 million, or 32 cents per share, from $80.76 million, or 48 cents per share.

Excluding one-time items, the company earned a profit of 35 cents per share in the quarter. Analysts had projected a profit of 34 cents per share, according to IBES data from Refinitiv.

Shares of the Pittsburgh-based retailer were down about 3% in aftermarket trade.

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