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Express CEO expresses holiday caution
Specialty retailer Express said its same store sales for the third quarter ended October 27, declined 5% and profits declined to $17.4 million, or 20 cents a share, compared to $32.7 million, or 37 cents a share.
Total sales for the period declined 4% to $468.5 million and gross margins contracted to 32.3% of sales from 36.2% of sales the prior year. Expenses increased to 25.1% of sales form 23.6% of sales.
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American Eagle raises view after strong third quarter
Pittsburgh -- American Eagle Outfitters Inc. on Wednesday reported a higher-than-expected third-quarter profit, helped by strong same-store sales. The chain also raised its full-year earnings prompting it to raise its full-year forecast for the second time this year.
Net income for the quarter ended Oct. 27 rose to $78.6 million, from $52.4 million a year ago.
Sales rose 11% to $910 million. Same-store sales jumped 10%.