American Eagle Reports 2Q Earnings
August 27, 2010
Pittsburgh-based American Eagle Outfitters announced its second quarter earnings for the period ending July 31, 2010. Results indicate the company will close 50 to 100 stores over the next two to five years, and has already lost 20 locations from the same time period last year. In addition, American Eagle will close its Martin + Osa brand and will expand its 77kids line into brick and mortar locations. The company reported a profit of $9.7 million for the quarter, down from $28.6 million last year. Total sales increased 0.8 percent to $652 million, with a 9 percent increase in online sales and a 1 percent decline in same-stores sales. Gross margin dropped to 36.8 percent from 39.3 percent, while overhead costs grew 25 percent. American Eagle operates approximately 934 locations in 50 states, Puerto Rico, Canada, and the Middle East.
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