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American Eagle Outfitters beats revenue estimates on strong in-store sales -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A worker at American Eagle Outfitters waits to greet customers outside of a retail store in Arlington (Virginia), U.S.A, June 1, 2021. REUTERS/Erin Scott/File Photo

(Reuters) – American Eagle Outfitters (NYSE:) Inc beat its quarterly revenue estimates Tuesday as more customers returned to school and office shopping at the physical store after COVID-19 was relaxed.

People that stayed home during lockdowns switched to comfy joggers or sweatshirts. But, after the vaccinations, schools and other public places reopened, they have been able to shop for streetwear again, such as jeans and tops.

T.J. Maxx (NYSE:) Cos Inc, Macy’s Inc (NYSE 🙂 and Macy’s Inc (NYSE 🙂 have all shrugged off concerns about holiday stock, stating that they still have plenty of goods, despite some closures and port congestion.

American Eagle Outfitters stated that its inventory cost rose 32% to $740million at the end the third quarter. It used pricier air freight as a way to deal with global supply chain issues.

After AirTerra’s takeover earlier in the year, Quiet Logistics was purchased by The Apparel Chain for $350 Million.

According to Refinitiv, IBES, total net revenue grew 24% to $1.27billion from the previous year. This beat analysts’ average estimation of $1.23billion.

American Eagle’s revenue rose 21% to $941 Million, while Aerie’s brand of leggings and bras rose 28% at $315 Million.

Total net income increased 162%, to $152.2 million. Adjusted profit was 76cs per share.

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