American Eagle To Close 150 Stores Following Dismal Results; Omni-Channel Progress Looks Good
American Eagle Outfitters‘ troubles continued in its first quarter of 2014, as its comparable sales declined by 10% and revenues fell by 5%, caused by weak demand due to economic uncertainty and bad weather. Because of weak sales growth and heavy promotional activities, the company’s net income plummeted to $3.87 million or $0.02 per share, from $27.98 million or $0.14 per share in the same quarter last year. Store traffic remained low throughout the quarter, which has been one of the main problems for American Eagle over the last one year. The company has identified 150 stores to close in the next three year–out of its 300 store–whose leases will expire by 2017.
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