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American Eagle Q1 revenues break record

June 05, 2019 / Daphne Howland
SHARESHARESHARE

American Eagle Outfitters on Wednesday reported that first quarter total net revenue rose 8%, or $63 million, to a record $886 million from $823 million last year, as store comps rose 6%.By brand in the quarter: Flagship American Eagle's comparable sales rose 4%, following a 4% increase in the year-ago period. Aerie saw its 18th consecutive quarter of double-digit comps, rising 14%, following its 38% increase last year, according to a company press release.Gross profit rose 7% to $325 million from $304 million a year ago, as the gross margin rate contracted slightly to 36.7% from 37% last year due to markdowns and delivery expense, the company said. Net income reached $40.8 million or 4.6% of revenue, from $39.9 million or 4.8% of revenue a year ago. With adjusted operating margin contracting to 5.6% from 6.4% last year, adjusted operating income fell 6% to $49 million from $52 million last year.