American Eagle posts smaller-than-expected loss as loungewear demand surges
Reuters
Published Sep 09, 2020 08:16AM ET
Updated Sep 09, 2020 08:40AM ET
(Reuters) - American Eagle Outfitters Inc (N:AEO) reported a smaller-than-expected quarterly loss on Wednesday, as people working from home due to the COVID-19 pandemic shopped online for comfortable athleisure and lounge apparel from its Aerie label.
The company debuted a new Aerie activewear line in July featuring soft athletic apparel, helping online sales more than double in the second quarter at the brand.
Total revenue fell 15% to $883.5 million in the three months ended Aug. 1, but beat expectations of $847.8 million.
Net loss attributable to the company was $13.8 million, or 8 cents per share, compared with a profit of $64.98 million, or 38 cents per share, a year earlier.
Excluding one-time items, the company reported a loss of 3 cents per share, smaller than analysts' average estimate of a loss of 16 cents, according to IBES data from Refinitiv.
The company recorded $14.6 million in impairment, restructuring and COVID-19 related charges in the latest quarter.
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Written By: Reuters
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