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American Eagle forecasts gross sales above estimates on full-price promoting By Reuters 



© Reuters. American Eagle Outfitters store in Singapore

(Reuters) – American Eagle Outfitters (NYSE:) Inc on Wednesday forecast first-quarter income of greater than $1 billion as sturdy demand helped the attire retailer promote extra merchandise of its eponymous and Aerie labels at full value.

The Pittsburgh, Pennsylvania-based firm’s shares rose about 5% in prolonged buying and selling as its forecast got here in above market estimates of $904.1 million, in response to IBES knowledge from Refinitiv.

Like its rivals Levi Strauss (NYSE:) Co and Abercrombie & Fitch Co, American Eagle has recorded stronger gross sales as extra prospects spent their stimulus checks on the corporate’s denims, trousers and tops.

“In mild of the present surroundings, it is actually gratifying to see shopper optimism, sturdy demand throughout channels,” American Eagle Chief Government Officer Jay Schottenstein mentioned in an announcement.

Aerie, which sells work-from-home favorites together with lingerie and loungewear, has been exceeding the corporate’s expectations, Schottenstein added.

American Eagle additionally forecast working revenue of about $120 million for the primary quarter, in contrast with $48 million in 2019.

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