American Eagle Outfitters Inc. had a tough first quarter against strong year-ago results, but managed to see improved gross margins due to product cost benefits that include supply-chain efficiencies.
For the three months ended May 4, the specialty chain posted a 29.5 percent decline in net income to $28 million, or 14 cents a diluted share, from $39.7 million, or 20 cents, a year ago. On an adjusted basis excluding asset write-offs and special items, earnings were 18 cents a share, which beat Wall Street’s consensus expectations by 1 cent. Net revenues fell 4.1 percent to $679.5 million from $708.7 million, while consolidated comparable-store sales fell 5 percent against a 17 percent gain a year ago.
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