American Eagle flying high on strong Q1 profit, sales

Pittsburgh -- American Eagle Outfitters on Wednesday reported first-quarter net income of $29.1 million, up from $3.9 million a year ago, amid higher sales and fewer promotions. It results beat Wall Street expectations.



The retailer posted better-than-expected revenue of $699.5 million for the quarter ended May 2, up 8% from $646.13 million a year ago.



Total same-store sales rose 7%.



“Our strong first quarter results reflected outstanding merchandise and customer-focused execution,” said Jay Schottenstein, interim CEO. “Both AE and aerie performed well, achieving higher sales and earnings, proving successful in a price promotional retail climate. Across the organization, we are focused on the market opportunity to leverage our competitive strengths in merchandising, new technologies and capabilities to gain further market share and deliver earnings growth.”