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American Eagle beats revenue estimates on robust demand By Reuters

© Reuters. FILE PHOTO: Clothing is seen on the market in an American Eagle Outfitters retail retailer in Manhattan, New York, U.S., May 13, 2016. REUTERS/Mike Segar

(Reuters) -Apparel retailer American Eagle Outfitters (NYSE:) Inc beat first-quarter revenue estimates on Wednesday, benefiting from easing restrictions and stimulus checks that boosted spending on garments as folks stay up for dressing up for outings.

The $1,400 stimulus checks that Americans’ acquired in March has boosted shopper spending, and gross sales throughout attire retailers, together with American Eagle, which recorded a rise in gross sales for the primary time for the reason that onset of the pandemic.

Aerie, the corporate’s hottest model, recorded an increase of 89% in first-quarter revenue in comparison with 2019 ranges, whereas revenue on the American Eagle label rose marginally.

Net revenue attributable to the corporate was $95.5 million, or 46 cents per share within the quarter ended May 1, in contrast with a lack of $257.2 million, or $1.54 per share, a 12 months earlier.

Total web revenue jumped 87.5% to $1.03 billion. Analysts have been anticipating revenue of $1.02 billion, based on IBES information from Refinitiv.

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