American Eagle Outfitters, Inc. announced that total sales for the five weeks ended January 1, 2011 decreased 6 percent to $499 million, compared to $531 million for the five weeks ended January 2.
Consolidated comparable store sales decreased 11 percent for the month, compared to a 7 percent increase for the same period last year.
In a release on January 6, the Company reported total sales for the year-to-date period ended January 1, 2011 increased 1 percent to $2.82 billion, compared to $2.78 billion for the same period last year. Comparable store sales decreased 1 percent for the year-to-date period compared to a 5 percent decline for the same period last year.
While the company achieved satisfactory results in men's and women's denim and the direct-to-consumer business, overall December sales deteriorated from the more encouraging trends experienced in November. Inventory management and controlled expenses helped to mitigate the downward pressure on earnings.
Based on December performance and a conservative view of January, the company is lowering its fourth quarter earnings guidance from continuing operations to $0.41 to $0.43 per diluted share. This compares to earnings from continuing operations of $0.38 per diluted share last year. Previous fourth quarter earnings guidance from continuing operations was $0.43 to $0.46 per diluted share.
According to a release, the company completed the closure of MARTIN+OSA during the second quarter of 2010. Accordingly, MARTIN+OSA's total sales for the current year-to-date period and all prior periods have been reclassified as discontinued operations and are not included in the results from continuing operations above.
The company will announce fourth quarter earnings on Wednesday, March 9, 2011. Management will host a conference call at 9 a.m. Eastern Time that morning. To listen to the call, dial (877) 407-0789 or internationally dial (201) 689-8562. The conference call will also be simultaneously broadcast over the Internet at ae.com.
More information:
www.ae.com
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