American Eagle Outfitters
landed spot-on third-quarter estimates and boosted fourth-quarter guidance.
The clothing retail chain said Thursday it earned $58 million, or 77 cents a share, for the quarter, matching Wall Street's estimates and more than tripling last year's $18.1 million, or 25 cents a share, in the same quarter. Last year's results exclude a goodwill charge related to the company's Bluenotes chain of $8 million, or 11 cents a share.
In the fourth quarter, American Eagle now expects to earn $1 to $1.03 a share based on continued positive sales trends, up from 49 cents a share in the same quarter last year. It had previously forecast fourth-quarter earnings of 92 cents a share.
Shares of American Eagle were recently up 48 cents, or 1.1%, to $43.40 in premarket trading.
Its third-quarter sales jumped 34.7% to $503.4 million from last year's $373.8 million, while same-store sales, or sales at stores open at least a year, rose 24.9%. Gross profit as a percentage to sales increased to 47.1% from 38.1%. Operating income rose 19% to $95.8 million.