American Eagle Outfitters, Inc. (AEO) reported that its first-quarter net income declined to $27.98 million or $0.14 per share, from $39.70 million or $0.20 per share in the year ago quarter. The latest-quarter GAAP earnings per share included asset write-offs and corporate charges of $0.04 per share.
Adjusted earnings from continuing operations for the quarter were $0.18 per share, compared to $0.22 per share for the comparable quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.
Total net revenues for the quarter slip to $679.48 million from $708.70million in the prior year quarter. Twenty three analysts had consensus revenue estimate of $678.41 million for the quarter. Consolidated comparable sales, including AEO Direct, decreased 5%, compared to a 17% increase last year.
The company expects second quarter earnings per share to be in the range of $0.19 to $0.21, and flat comparable sales. Analysts expects the company to report earnings of $0.24 per share for the second-quarter.
For fiscal 2013, earnings per share guidance is $1.42 to $1.45, based on second half comparable sales growth in the low-single digits. Analysts expect the company to report earnings of $1.49 per share for fiscal 2013.
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