-
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%.
-
Bon-Ton seeks new CEO
Following disappointing fourth-quarter sales, the Bon-Ton Stores president and CEO Brendan L. Hoffman has notified the company’s board of directors that he will not renew his employment agreement with the company when it expires Feb. 7, 2015.
Hoffman also plans to resign as a director of the company.