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Wednesday, Aug 21
Sales crumble at American Eagle Outfitters, shares dive
- American Eagle Outfitters (AEO) reports comparable store sales fell 7% during Q2 as the retailer faced a "highly promotional" environment.
- Gross profit as a percentage of sale fell 360 bps to 33.8%.
- Inventory ended flat compared to last year.
- Looking ahead to Q3, the company says the decline in traffic has continued and it expects to see EPS of $0.14 to $0.16.
- AEO -9.5% premarket.