American Eagle Outfitters, the renowned retailer operating under the American Eagle and Aerie brands, anticipates stronger revenue for the latest quarter. The company reports that a pickup in demand towards the end of June has carried through to its initial fall collections.
Strong Q2 Revenue Expected
Previously, American Eagle Outfitters projected a low-single-digit decline in revenue for the second quarter. However, the company now expects revenue to be relatively flat, indicating better-than-anticipated performance. Additionally, the company predicts that its operating income will surpass its previous target range of $25 million to $35 million.
Sustained Demand Boosts Performance
The rise in demand observed in June has continued into July, particularly with the launch of the retailer's initial collections. Chief Executive Jay Schottenstein highlights the positive ongoing momentum.
Executive Change Planned
Chief Operations Officer Michael Rempell is set to depart in early fiscal 2024 to pursue personal interests and spend more time with his family. While a search for a successor is already underway, Rempell will remain at the company during the transition period to ensure a seamless handover. Rempell initially joined American Eagle Outfitters in 2000 as a consultant and has held various roles within the organization, including chief information officer and chief supply chain officer.
Financial Results Release Date
American Eagle Outfitters is scheduled to announce its second-quarter financial results on September 6th.