Pittsburgh's American Eagle sees sales rising for apparel



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Pittsburgh's American Eagle sees sales rising for apparel

Later last week, American Eagle Outfitters Inc., also dubbed as American Eagle, the Pittsburgh, Pennsylvania-headquartered American retailer of lifestyle goods, clothing and accessories, had reported a nearly 90 per cent revenue-surge over first fiscal quarter of 2021, while the company had also raised full-year sales outlook for its jeans and tops.

In point of fact, American Eagle has been among the top-tier retailers which had been benefitted by the most following a robust reopening of US economy, a massive Government stimulus alongside an acceleration in vaccination drive that spurred up in-store shopping.

In tandem, American Eagle was also quoted saying later last week that its first-quarter earnings’ report had beaten Wall Street’s expectations for both profits and revenues, mostly sailing on the back of a massive Government stimulus amid a robust uptick in domestic demands, while the company’s gross profit margin shot up to 42.2 per cent over latest quarter compared to a reading of 36.7 per cent clocked in the same time on 2019.

Apart from that, while the company had expressed sheer optimism regarding a back-to-school season denim trend following a sweeping overhaul of its fashion styles aimed at sporting Gen-Z teens’ demands, American Eagle Chief Executive Officer Jennifer Foyle said to the analysts in a post-earnings conference call, “High demand is driving greater pricing power”.

American Eagle reports first-quarter revenue surge, raises sales forecast

On top of that, according to the Pittsburgh-based American retailer’s quarterly earnings’ report released later last week, American Eagle had witnessed a 57 per cent upsurge in digital revenues on fiscal Q1, 2021, compared to the same time a couple of years earlier, while excluding one-time items, the retailer had scored a profit of 48 cents per share, above Wall Street’s expectations of 46 cents a share, data from Refinitiv had revealed.

American Eagle’s net revenue soared as much as 90 per cent to $1.03 billion, beating an analysts’ estimate of $1.02 billion, lifting the shares’ prices of American Eagle nearly 10 per cent to $35.43 apiece last week.