Wednesday, June 3, 2020

American Eagle Outfitters Loses $257 Million During Coronavirus Shutdown

Yahoo Finance
American Eagle Outfitters is reimagining its post-pandemic landscape. But for now, reminders of the coronavirus are everywhere.

For the three-month period ending May 2, revenues were $552 million, down from $886 million the same time last year. By brand, American Eagle suffered the most, with top-line sales falling 45 percent, following a 5 percent increase in 2019’s first quarter. Intimates brand Aerie decreased 2 percent, compared with a 28 percent jump the same time last year.

The company reported a loss of $257 million, compared with profits of more than $40 million last year. . . . more