We recently published 10 Big Names With Double-Digit Upsides. American Eagle Outfitters, Inc. (NYSE:AEO) is one of last week’s top performers.
Shares of American Eagle jumped by 45.36 percent week-on-week as investors cheered its beating of its second-quarter business outlook.
In its updated report, American Eagle Outfitters, Inc. (NYSE:AEO) said net revenues dipped by almost 1 percent to $1.28 billion from $1.29 billion in the same period last year. However, the dip was surprisingly lower than the company’s expected 5 percent drop in revenues.
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Additionally, comparable sales decreased by 1 percent but were notably better than the 3-percent drop projected previously.
“We were pleased to see an improvement in the business during the second quarter, driven by higher demand, lower promotions, and well-managed expenses, all of which exceeded our expectations,” said American Eagle Outfitters, Inc. (NYSE:AEO) CEO Jay Schottenstein.
“The actions we have taken to better align inventory and strengthen execution laid the groundwork for our results this quarter…We look forward to building on our progress and the continued strength of our iconic brands to drive higher profitability, long-term growth, and shareholder value,” he added.
American Eagle Outfitters, Inc. (NYSE:AEO) also posted a net income of $77.6 million during the period, flat from the same period last year.
The company did not provide revenue expectations in the last two quarters of the year, but said that comparable sales figures were expected to increase by low single digits in both the third and fourth quarters, and remain flat in the full fiscal year of 2025.
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Disclosure: None. This article is originally published at Insider Monkey.
