NEW YORK: American Eagle Outfitters reported an about 3 per cent fall in third-quarter revenue on Tuesday (Nov 24), as store traffic slumped due to the COVID-19 pandemic.
The teen apparel retailer has been struggling with weak demand for its denim apparel from customers staying at home due to the health crisis and a back-to-school season hampered by students turning to online classes.
Revenue at the American Eagle label fell 11 per cent during the quarter ended Oct 31, while the Aerie brand recorded a revenue jump of 34 per cent.
Total revenue fell to US$1.03 billion, from US$1.07 billion a year earlier.
Net income attributable to the company fell to US$58.1 million, or 32 cents per share, from US$80.76 million, or 48 cents per share.
Excluding one-time items, the company earned a profit of 35 cents per share in the quarter. Analysts had projected a profit of 34 cents per share, according to IBES data from Refinitiv.
Shares of the Pittsburgh-based retailer were down about 3 per cent in aftermarket trade.