The mall-based chain, known for colorful, casual fashions, said net profit in the first quarter was $43.9 million, or 21 cents per share, compared with $78.8 million, or 35 cents per share, a year earlier.
NEW YORK (Reuters) - Teen apparel retailer American Eagle Outfitters Inc <AEO.N> said on Wednesday quarterly net profit fell, hurt by greater markdowns resulting from lower-than-expected sales.
The mall-based chain, known for colorful, casual fashions, said net profit in the first quarter was $43.9 million, or 21 cents per share, compared with $78.8 million, or 35 cents per share, a year earlier.
The company had forecast a first-quarter profit ranging from 18 cents to 20 cents per share.
The Pittsburgh-based company operates the preppy American Eagle Outfitters chain as well as aerie, which sells intimates for young women, and Martin & Osa, which sells sportswear for men and women aged 25 to 40.
!ADVERTISEMENT!As previously disclosed, sales rose 5 percent to $640.3 million in the quarter, which ended on May 3, but same-store sales, a key retail metric, fell 6 percent.
American Eagle said it expects earnings for the current quarter to range from 28 cents to 30 cents per share, which would be down from 37 cents per share a year ago.
(Reporting by Martinne Geller; Editing by Mark Porter and Derek Caney)
