Updated from 4:51 p.m. EDT
SAN FRANCISCO -- American Eagle Outfitters (AEO Quote) posted an unexpected drop in same-store sales for September, leading the teen-apparel retailer to cut its profit estimate for the third quarter.
American Eagle said its September same-store sales fell 2%, marking a sharp contrast to last year, when they soared 11% in the same period. Analysts had expected a 1.2% increase in same-store sales, or sales at stores open at least a year.
In light of the weaker-than-expected sales, American Eagle lowered its third-quarter earnings projection to 44 cents to 45 cents a share from its previous range of 47 cents to 48 cents. Analysts, on average, projected earnings of 48 cents a share, according to Thomson Financial. ...
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