American Eagle (AEO) earnings Q2 2024 [Video]

American Eagle missed Wall Street’s sales targets for a second quarter in a row on Thursday, but profit grew by nearly 60% thanks in part to lower product costs. 

The company’s shares fell roughly 3% in early trading Thursday.

Here’s how the apparel company did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

• Earnings per share: 39 cents vs. 38 cents expected 
• Revenue: $1.29 billion vs. $1.31 billion expected 

The company’s reported net income for the three-month period that ended Aug. 3 was $77.3 million, or 39 cents per share, compared with $48.6 million, or 25 cents per share, a year earlier. 

Sales rose to $1.29 billion, up about 8% from $1.2 billion a year earlier. That sales gain would have been slimmer had it not been for a calendar shift, which positively impacted second-quarter sales by $55 million.

During the quarter, American Eagle’s intimates line Aerie saw revenue grow 9% while its namesake brand grew …