by Vicki M. Young
Posted Wednesday May 25, 2011
From WWD.COM
American Eagle Outfitters Inc. on Wednesday said first-quarter net income more than doubled from last year, but on a continuing operations comparison was below results from a year ago.
For the three months ended April 30, income was $28.3 million, or 14 cents a diluted share, from $10.9 million, or 5 cents, last year. Excluding the year-ago loss from discontinued operations, income from continuing operations was $14.6 million versus $17.8 million in the year-ago quarter. Sales in the quarter fell 6 percent to $609.6 million from $648.5 million as comparable-store sales were down 8 percent.
“During the quarter, we continued to implement strategic initiatives across our brands that will position the business for improved performance in the second half of the year and fuel longer-term, profitable growth,” said Jim O’Donnell, chief executive officer.
The company said it expects second-quarter earnings in the range of 10 cents to 13 cents a diluted share, compared with 13 cents last year.
