American Eagle sees second-quarter revenue above previous forecast
Reuters
Published Aug 03, 2023 08:41AM ET
Updated Aug 03, 2023 09:12AM ET
(Reuters) -American Eagle Outfitters said on Thursday it expects revenue and operating income for the second quarter to be above prior forecast, sending its shares up 6% in premarket trade.
The teen apparel maker now expects revenue for the quarter to be flat to a year earlier, compared with its prior forecast of down low-single digits. It sees operating income exceeding previous guidance of $25 million to $35 million.
"Demand picked up in late June, with strength continuing as we introduced our initial Fall collections in July," CEO Jay Schottenstein said.
The company had in May cut its full-year revenue forecast as demand eased for non-essentials, including apparel, due to still-high inflation.
Separately, American Eagle (NYSE:AEO) said Chief Operating Officer, Michael Rempell would be leaving in early fiscal 2024.
The company is scheduled to report second-quarter results on Sept. 6.
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Written By: Reuters
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