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American Eagle Q4 falls 89% on lower sales, charges
Pittsburgh -- American Eagle Outfitters Inc.'s fourth-quarter profit plunged 89% on lower sales and one-time charges related to employee severance costs, the discontinuation of a product line and other items. The company also forecast first-quarter results that were below analysts' estimates.
The teen apparel retailer posted net income of $10.5 million for the quarter ended Feb.1, down from $94.8 million in the year-ago period.
Sales were $1 billion in the quarter, down from $1.1 billion last year. Same-store sales fell 7%.
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eBay and Icahn continue grappling over board nominees
According to reports, eBay is urging shareholders to reject a slate of board members nominated by activist investor Carl Icahn and instead support nominees picked by the company.
Reuters has reported that eBay is asking shareholders to re-elect existing directors CEO John Donahoe, company co-founder and managing director Fred Anderson, Intuit co-founder Scott Cook and former Agilent Technologies CEO Edward Barnholt.