American Eagle Outfitters Reports Record Q2 Revenue and Raises Full-Year Outlook

American Eagle Outfitters

American Eagle Outfitters, Inc. (AEO) achieved record revenue in the second quarter of 2024, marking a significant milestone for the company. Total net revenue reached $1.3 billion, reflecting an 8% increase compared to the same period last year. Operating profit also saw substantial growth, rising 55% year-over-year to $101 million. As a result, AEO has revised its full-year operating income outlook upward, now expecting it to range between $455 million and $465 million.

The company’s flagship brand, American Eagle, continued to perform strongly, with comparable sales increasing by 5%. Additionally, AEO’s lingerie brand, Aerie, also reported record-breaking revenue for the second quarter, with comparable sales up by 4%.

These robust performances have positioned American Eagle Outfitters on a strong growth trajectory.

Jay Schottenstein, AEO’s Executive Chairman of the Board and Chief Executive Officer, commented in a statement, “Our Powering Profitable Growth strategy is off to a great start, locking in a strong first half and setting us on track to achieve the high end of our prior operating profit outlook for 2024. The second quarter marked our sixth consecutive quarter of record revenue and we successfully leveraged our cost base – advancing a number of strategic priorities to fuel growth across brands and channels and drive operating efficiencies.”

He added, “I am pleased with the positive reception we’ve seen to our early Fall collections. Our winning formula of outstanding quality and style offered at a great value remains a cornerstone of our brands, positioning us perfectly for today’s consumers. In a dynamic macroeconomic environment, we will remain disciplined and focused on delivering profitable growth and long-term shareholder value.”

The company also returned $120 million in cash to shareholders during the second quarter, including $96 million in share repurchases. This brings the total shareholder returns year-to-date to $180 million.

Looking ahead, AEO expects operating income for the third quarter to be between $120 million and $125 million, with comparable sales growth projected at 3% to 4%. The full-year operating income outlook remains at the revised range of $455 million to $465 million.

Given this strong performance, AEO will continue to focus on meeting consumer needs while aiming for sustainable growth.

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