American Eagle Q3 profit soars 87.3%.
Young men’s and women’s apparel retailer American Eagle Outfitters has seen its third-quarter profit climb 87.3% as the company recorded strong sales growth over the period.
Egytex News Desk
Source: www.mrketplace.com
The retailer said net income jumped to $100.4 million. However, last year’s profit was hit by an investment loss. Sales rose 11% to $832 million, with comparable sales up 5%.
Gross margin fell to 37.1% of sales, down from 41.6% in the previous year, which the company attributed to higher cotton costs and markdowns.
“I am encouraged by our progress in the third quarter and the continued momentum into the holiday season,” said CEO Jim O’Donnell.
“Strong top line growth is evidence of the success of our key item strategy and merchandise improvements. Looking ahead to 2012, we have tremendous opportunity to capitalize on the strength of our brands and drive future profitable growth.”
Source: www.mrketplace.com
From the Egytex news archive, first published on 1 December 2011. Figures and names are as reported at the time.
