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American Eagle Outfitters Slips To Loss In Q1; Stock Down

American Eagle Outfitters Inc. (AEO) reported that its first-quarter net loss was $257.16 million or $1.54 per share compared to net income of $40.75 million or $0.23 per share in the prior year.

In Wednesday pre-market trade, AEO is trading at $9.80, down $0.49 or 4.76 percent.

Adjusted loss per share was $0.84 compared to adjusted earnings per share of $0.24 last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

In the first quarter of 2020, the company incurred impairment and restructuring charges of approximately $156 million pre-tax, or $0.70 per share after-tax, primarily reflecting impairments of 272 stores due to COVID-19-related store closures.

Total net revenue for the quarter decreased 38% to $552 million from $886 million last year. Analysts expected revenues of $634.26 million for the quarter.

By brand, American Eagle revenue decreased 45%, following a 5% increase last year. Aerie's revenue decreased 2%, following a 28% increase last year.

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