American Eagle Outfitters (NYSE:AEO) shares touched a new 52-week low of $11.77 on Wednesday morning after the clothing and accessories retailer posted its first quarter earnings that fell short of consensus forecast.
The Pittsburgh, Pennsylvania-based company said that it earned $25.2 million, or 14 cents per share in the quarter, significantly down from $40.5 million, or 22 cents per share in the same period last year. On an adjusted basis, earnings were 16 cents per share. Analysts surveyed by FactSet were looking for 17 cents per share.
Revenue for the quarter came in at $761.8 million, up from $749.4 million in the year earlier quarter, and also above analysts’ average estimate of $742 million.
American Eagle’s CEO Executive Jay Schottenstein said “the first quarter results reflected mall traffic headwinds, especially early in the quarter, with improved trends over Easter and a strong digital business throughout.”
Looking forward, the company is anticipating earnings in a range of 15 cents per share to 17 cents per share for the second quarter. Analysts polled by FactSet had predicted earnings of 23 cents per share.
American Eagle Outfitters (AEO) stock has plummeted nearly 8 percent this morning. The intra-day rage of the stock is $11.77-$12.30. The company’s market cap is $2.08 billion and P/E ratio of 10.35.