{"id":36413,"date":"2023-11-22T05:01:15","date_gmt":"2023-11-22T05:01:15","guid":{"rendered":"https:\/\/isafespend.com\/news\/shares-of-american-eagle-plummet-16-on-unimpressive-holiday-forecast\/"},"modified":"2023-11-22T05:01:16","modified_gmt":"2023-11-22T05:01:16","slug":"shares-of-american-eagle-plummet-16-on-unimpressive-holiday-forecast","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=36413","title":{"rendered":"Shares of American Eagle plummet 16% on unimpressive holiday forecast"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>Shares of <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">American Eagle<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> plummeted nearly 16% on Tuesday after the company issued a holiday forecast that failed to impress.\u00a0<\/p>\n<p>For its holiday quarter, American Eagle expects sales to be up high single digits, ahead of the 3.4% sales growth analysts had expected, according to LSEG. However, it&#8217;s expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount.<\/p>\n<p>The forecast was dampened by an expected 20% uptick in selling and general administrative expenses, the company said. \u00a0<\/p>\n<p>The apparel retailer outperformed in its fiscal third quarter, however. Here&#8217;s how the company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:<\/p>\n<ul>\n<li><strong>Earnings per share: <\/strong>49 cents vs. 48 cents expected<\/li>\n<li><strong>Revenue:<\/strong> $1.3 billion vs. $1.28 billion expected<\/li>\n<\/ul>\n<p>The company&#8217;s reported net income for the three-month period that ended Oct. 28 was $96.7 million, or 49 cents per share, compared with $81.3 million, or 42 cents per share, a year earlier.\u00a0<\/p>\n<p>Sales rose to $1.3 billion, up about 5% from $1.24 billion a year earlier.\u00a0<\/p>\n<p>During the quarter, American Eagle&#8217;s gross margin came in at 41.8%, below the 42.1% that analysts had expected, according to StreetAccount.\u00a0<\/p>\n<p>American Eagle managed to eke out a 5% uptick in sales despite an overall slowdown in the apparel industry but its performance still failed to impress Wall Street.<\/p>\n<p>A similar dynamic emerged at rival <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\">Abercrombie &amp; Fitch<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>, which also reported earnings on Tuesday and a forecast that fell flat against soaring sales growth.\u00a0<\/p>\n<p>For the full year, American Eagle is projecting revenue to be up mid single digits, compared with previous guidance of up low single digits. Analysts had expected full-year sales growth to be around 2.6%, according to LSEG.<\/p>\n<p>The retailer tightened its forecast for full-year operating income and expects it to be in the range of $340 million to $350 million, compared with prior guidance of $325 million to $350 million, which is what analysts had expected, according to StreetAccount. SG&amp;A expenses are also expected to be up in the low double digits for the full year.\u00a0<\/p>\n<p>Retailers have been on pins and needles ahead of the crucial holiday shopping season over concerns that demand will be tepid and muted commentary from American Eagle and Abercrombie &amp; Fitch follow similar remarks from other retailers that recently reported earnings.\u00a0<\/p>\n<p>Also on Tuesday, both <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-5\">Best Buy<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-6\">Lowe&#8217;s<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> cut their forecasts, citing an unpredictable consumer and a continued slowdown in big-ticket purchases.<\/p>\n<p><em><strong>Don&#8217;t miss these stories from CNBC PRO:<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/21\/american-eagle-aeo-earnings-q3-2023.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of American Eagle plummeted nearly 16% on Tuesday after the company issued a holiday forecast that failed to impress.\u00a0 For its holiday quarter, American Eagle expects sales to be up high single digits, ahead of the 3.4% sales growth analysts had expected, according to LSEG. However, it&#8217;s expecting its operating income to be between<\/p>\n","protected":false},"author":1,"featured_media":36414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-36413","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Shares of American Eagle plummet 16% on unimpressive holiday forecast | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Shares of American Eagle plummeted nearly 16% on Tuesday after the company issued a holiday forecast that failed to impress.\u00a0For its holiday quarter,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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