Apparel retailer American Eagle Outfitters (NYSE: AEO) has announced financial results for the first quarter of 2023, reporting a modest increase in adjusted earnings and net sales.
- First-quarter revenue came in at $1.1 billion, which is up 2% from the same period in 2022; store revenue was up 5%, while digital revenue declined 4%
- Aerie revenue moved up 12% annually to $359 million in the April quarter; Aerie comparable sales were up 2%
- American Eagle brand revenues were $671 million during the three-month period, down 2% from last year; comp sales declined 4%
- First-quarter net income declined sharply to $18.5 million or $0.09 per share from $31.7 million or $0.16 per share in Q1 2022
- At $0.17 per share, adjusted earnings were slighter higher than the $0.16 per share profit reported last year
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