PITTSBURGH–(BUSINESS WIRE) – American Eagle Outfitters, Inc. (NYSE: AEO) today announced that fourth quarter-to-date revenue, through Saturday, December 30, 2023, is up approximately 8%, with American Eagle tracking up high single digits and Aerie up in the low teens.
The company is raising its fourth quarter outlook for revenue to be up low double digits, including a four point positive contribution from the 53rd week, as previously discussed. Operating profit is now expected to be approximately $130 million, up from previous guidance of $105 to $115 million. This guidance excludes potential asset impairment and restructuring charges. The improved outlook is a result of record holiday sales and strong merchandise margins.
“This holiday season we executed with confidence and precision, delivering winning product assortments and an exciting customer experience which showcased the strength of our brands and operations,” commented Jay Schottenstein, AEO’s Executive Chairman of the Board and Chief Executive Officer. “As we build on our strategic priorities, I am incredibly pleased with the momentum we are seeing across brands, which has continued into early January. Looking ahead to 2024, we remain confident in our ability to deliver healthy earnings growth and operating rate improvement as we maintain inventory and promotional discipline, prioritize expense control and benefit from ongoing work on our profit improvement initiative.”
