Teen clothing retailer American Eagle Outfitters, Inc. (AEO), said Thursday its same-store sales for the month of September were flat with last year. Total sales for the month grew 7%, reflecting continued progress within the American Eagle Outfitters brand. Following better-than-expected results for the month, the company hiked its earnings forecast for the third quarter.
The Pittsburgh, Pennsylvania-based company's comparable store sales for the month of September were flat, compared to a 6% decrease for the same period last year. Total sales for the five weeks ended October 3, 2009 were $246.0 million, up 7%, from $229.2 million in the year-ago period.
Total sales for the 35 week period ended October 3, 2009 declined 3% to $1.823 billion from $1.878 billion in the same period last year. Comparable store sales dropped 8%, compared to a 7% decrease in the year-ago period.
For the preceding month of August, the company had reported a 7% decline in comparable store sales. Total sales for August 2009 decreased 4% to $307.7 million from $320.0 million last year.
Looking forward for the third quarter, American Eagle Outfitters now expects earnings in the range of $0.24 - $0.26 per share, compared to earlier issued forecast of $0.22 - $0.25 per share. This compares to earnings of $0.30 per share reported in the same quarter last year. This guidance, as well as the previously issued guidance includes a tax benefit of about $0.05 per share associated with the repatriation of earnings from Canada, and excludes the possibility of additional impairments or losses related to investment securities.
On average, 31 analysts polled by Thomson Reuters currently expect the company to earn $0.20 per share for the quarter. Analysts' estimate typically exclude one-time charges and gains.
AEO closed Wednesday's trading at $16.66 on the NYSE.
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