By Liz Warren | Link to article
American Eagle Outfitters (AEO) announced this week it is raising its 2023 financial targets following a successful holiday season.
The company, which owns teen retailer American Eagle and intimate apparel label Aerie, stated it’s on track to earn $600 million in operating income in 2021, surpassing its 2023 goal of $550 million two years ahead of schedule. The new goals for 2023 include an operating income of $800 million and revenue of $5.8 billion, up from $5.5 billion. Operating margin goals will raise from 10 percent to 13.5 percent.
The new targets are a direct reflection of a holiday season that surpassed pre-pandemic levels for many in the retail industry. According to a recent holiday spending report from Mastercard, holiday retail sales in the U.S. increased about 11 percent compared to the 2019 holiday season.
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