American Eagle reports preliminary Q1 revenue $1.1B, consensus $1.08B

“We are clearly disappointed with our execution in the first quarter. Merchandising strategies did not drive the results we anticipated, leading to higher promotions and excess inventory. As a result, we have taken an inventory write down on spring and summer goods,” commented Jay Schottenstein, AEO‘s Executive Chairman of the Board and Chief Executive Officer. “We have entered the second quarter in a better position, with inventory more aligned to sales trends. Additionally, we are actively evaluating our forward plans. Our teams continue to work with urgency to strengthen product performance, while improving our buying principles,” he continued.