American Eagle posts bigger-than-expected loss on virus-led store closures

American Eagle Outfitters Inc posted a steeper-than-envisioned loss on Wednesday, as sales and store traffic plummeted following coronavirus-led store closures, sending shares down as much as ten.5%.

The retailer, which withdrew its annual forecast in April, has expert a fall in need for its jeans and popular Aerie brand name apparel, which include intimates and athleisure.

The Aerie brand name recorded a revenue drop of 2%, compared with a 28% rise a year ago. Earnings at the American Eagle label fell forty five% all through the quarter.

The company also suspended its 2nd-quarter dividend and does not anticipate declaring a dividend for the relaxation of this year to protect liquidity.

American Eagle also claimed its web loss stood at $257.2 million, or $1.fifty four for every share, compared with a earnings of $40.eight million, or 23 cents for every share, a year previously, largely because of to an impairment demand

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