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Heavy discounting cuts into holiday profits
New York -- Retailers across the board, from Victoria’s Secret parent L Brands Inc. and American Eagle Outfitters to Family Dollar Stores and Bed, Bath & Beyond, cut their fourth-quarter earnings forecasts on Thursday as heavy promotions and discounts cut into profits. Results were also impacted by multiple snowstorms, a shortened shopping season and cautious consumers.
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American Eagle Q4 revenues, same-store sales decline
Pittsburgh – Total net revenue for American Eagle Outfitters, Inc. decreased 2% to $882 million during the fourth quarter of fiscal 2013, compared to $904 million for the same quarter a year earlier. Consolidated same-store sales decreased 7%, compared to a 5% increase for the comparable period in 2012.