On Thursday, American Eagle Outfitters, Inc. (NYSE: AEO) reported its earnings and revenue for the first quarter May 5, 2018. Shares of the retailer was up 2.5% in premarket trading on Thursday after the announcement.
Revenue for the first quarter, according to the company, increased from $761.8 million for the same period last year to $823.0 million. The results beat analysts’ estimates of $811.0 million. Same-store sales for the first quarter surged 9%, which was more than expected increase of 5.5%.
For the first quarter, net income rose from $25.2 million, or 14 cents per share, for the first quarter last year, to $39.9 million, or 22 cents per share. Adjusted for the company was 23 cents per share, beating analysts’ estimates of 22 cents.
“I'm very pleased to see our momentum continue. The first quarter marked our 13th consecutive quarter of positive comparable sales, leading to an increased operating margin and earnings growth, which exceeded our expectations. American Eagle leveraged strong brand equity and its dominant jeans business to deliver comparable sales gains across brick and mortar stores and e-commerce,” Jay Schottenstein, the Chief Executive Officer of American Eagle Outfitters, said on Thursday.
“After starting a body positivity movement, Aerie is posting record growth rates and striking a real emotional connection with its expanding customer base. We are highly focused on our strategic plan, centered on expanding American Eagle, accelerating Aerie’s growth, elevating the customer experience and delivering strong financial returns,” Jay said.