The mall-based chain known for colorful, preppy fashions for young men and women said net income for its fiscal fourth quarter that ended February 2 was $140.48 million, or 66 cents per share, compared with $150.16 million, or 66 cents per share, a year ago.
NEW YORK (Reuters) - Teen retailer American Eagle Outfitters Inc <AEO.N> reported lower quarterly profit on Wednesday amid weak sales, higher markdowns and competition from rivals.
The mall-based chain known for colorful, preppy fashions for young men and women said net income for its fiscal fourth quarter that ended February 2 was $140.48 million, or 66 cents per share, compared with $150.16 million, or 66 cents per share, a year ago.
The retailer had fewer shares outstanding in the most recent quarter, which boosted per-share results.
Analysts, on average, were expecting it to earn 66 cents per share, according to Reuters Estimates.
!ADVERTISEMENT!Sales in the quarter rose to $995.4 million from $973.4 million a year ago, but same-store sales, a key gauge of retail performance that measures sales at stores open at least a year, fell 2 percent.
Last week, the company, one of the high flyers in 2007, posted a bigger-than-expected drop in same-store sales during February, hurt by low store traffic and weakness in its women's merchandise.
It also said at the time that first-quarter earnings would range between 25 cents and 27 cents, which was well below analysts' expectations, citing higher markdowns compared with the prior year and negative same-store sales.
(Reporting by Nicole Maestri, editing by Maureen Bavdek)
