Business Insider/Jessica Tyler
- American Eagle Outfitters posted an earnings beat ahead of Wednesday's opening bell.
- Strength from jeans sales and its Aerie brand drove positive the results.
- The company has grown while other retailers have struggled.
- Watch American Eagle trade live.
American Eagle Outfitters reported first-quarter earnings Wednesday that beat analyst estimates, sending shares up as much as 7% ahead of the opening bell.
Here's what the company reported versus what analysts surveyed by Bloomberg were expecting:
- Adjusted earnings per share: $0.24 reported ($0.21 expected)
- Revenue: $886 million ($855.55 million expected)
"American Eagle and Aerie continue to leverage strong brand equity, compelling product, and leading customer engagement across stores and digital, resulting in our 17th consecutive quarter of positive comparable sales," said CEO Jay Schottenstein.
The Aerie brand was a bright spot in earnings once again as comparable sales soared 14% for the quarter, continuing the momentum from last year when they increased 38%. The brand has seen double-digit comparable-sales growth for 18 quarters in a row. The American Eagle brand posted comparable sales growth of 4% for the quarter.
In Q1, American Eagle opened four stand-alone Aerie stores, bringing the total to 119. The company also operates 151 Aerie side-by-side locations. Additionally, the company opened seven namesake stores and closed five.
American Eagle has been able to grow while other retailers have struggled, Bloomberg News reported, thriving at the mall during the "retail apocalypse." The dominant denim business and strong growth of Aerie have boosted the brand's appeal to existing and new customers.
American Eagle Outfitters is little changed this year.
NOW WATCH: WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war
See Also:
