American Eagle Outfitters reports $257 million loss due to COVID-19
June 3, 2020
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.”
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