American Eagle Profit Tumbles

Pittsburgh American Eagle Outfitters Inc. said Tuesday third-quarter profit dropped 57% as same-store sales fell, but results matched its own lowered expectations.

Profit for the third quarter ended Nov. 1 fell to $42.6 million, from $99.4 million last year.

As previously reported, revenue rose 1% to $754 million from $744 million a year ago. Same-store sales dropped 7%.

The company said November same-store sales are down 17% so far.

Pittsburgh-based American Eagle also said it will lower planned capital spending to $110 million to $135 million, from a previous range of $150 million to $175 million.