American Eagle Profit Falls

New York City American Eagle Outfitters said on Wednesday quarterly net profit fell, hurt by greater markdowns resulting from lower-than-expected sales.

The company said net profit in the first quarter was $43.9 million compared with $78.8 million a year earlier. As previously disclosed, sales rose 5% to $640.3 million in the quarter, which ended on May 3, but same-store sales fell 6%.