Shares of clothing and accessories retailer American Eagle Outfitters, Inc. (AEO) were down 12% on Thursday as the company lowered its full-year revenue forecast because of weak demand.
AEO is currently trading at $10.53, down 12.76% or $1.54 per share, on Nasdaq. It has traded between $9.46 and $17.09 in the past 52-week period.
The company said it anticipates full-year revenue to be flat to down low single-digits, down from its previous forecast of flat to up single-digits growth, citing lower demand for non-essential items and clothing because of inflation.
First-quarter net income declined sharply to $18.5 million or $0.09 per share from $31.7 million or $0.16 per share in Q1 2022
Adjusted earnings were slighter higher at $0.17 per share, than the $0.16 per share profit reported last year
Total net revenue rose about 2% to $1.08 billion from the $1.05 billion it reported in the year-ago period.
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