American Eagle Outfitters reports $257 million loss due to COVID-19

American Eagle Outfitters reported that sales at its namesake chain fell 45 percent in the first quarter, while sales at Aerie were down two percent. The retailer reported a loss of $257 million as it was forced to close stores across the nation. “Store closures and aggressive inventory liquidation had a significant impact on our first quarter financials,” Jay Schottenstein, executive chairman of the board and chief executive officer of American Eagle Outfitters, said in a statement. “Yet customer engagement remained high and digital demand accelerated, well-exceeding our expectations. Aerie’s performance was truly exceptional despite store closures.”