American Eagle Posts Smaller Than Expected Loss as Loungewear Demand Surges - SolidRumor.com

American Eagle Posts Smaller Than Expected Loss as Loungewear Demand Surges

 American Eagle Posts Smaller Than Expected Loss as Loungewear Demand Surges

NEW YORK, United States —American Eagle Outfitters Inc. 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 percent to $883.5 million in the three months ended August 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.

By Aditi Sebastian; editor: Sriraj Kalluvila

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