American Eagle Outfitters Q2 net income down

Aug 27, 2008 (Datamonitor via COMTEX) -- AEOS | Quote | Chart | News | PowerRating -- American Eagle Outfitters has reported net income of $59.83 million for the second quarter of 2008, compared to $81.34 million in the same quarter of 2007.

Total sales for the second quarter of 2008 decreased 2% to $688.8 million, compared to $703.2 million for the same quarter of 2007. Comparable store sales decreased 9% for the second quarter of 2008, compared to a 2% increase in the same quarter of 2007.

For the 26 weeks ended August 2, 2008, net sales were $1.33 billion, compared to $1.32 billion in the same period of 2007. Net income was $103.73 million, compared to $160.12 million in the same period of 2007.

Jim O'Donnell, CEO of American Eagle Outfitters, said: "The second quarter financial results were not up to our standards. While the consumer environment is clearly challenging, we are taking steps to invigorate our business. We are strengthening our competitive position by underscoring AE's value pricing, which is consistent with our heritage of great value together with excellent quality."

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