By Christiana Sciaudone
Investing.com -- American Eagle Outfitters (NYSE:AEO) is flying high with first quarter sales expected to exceed pre-pandemic levels.
Revenue for the fiscal first quarter is on track to surpass $1 billion, a mid-teens percentage increase compared to the equivalent period in 2019. Analysts estimate sales of $904 million, according to data compiled by Investing.com. Operating income of about $120 million is expected for the quarter, compared to first quarter 2019 operating income of $48 million.
Shares rose more than 4.5% to a record.
Strong demand and reduced promotions are pushing better margins, supported by stimulus and consumer optimism, the company said in a statement.
“I’m amazed by the incredible momentum of Aerie, which is consistently reaching new heights and exceeding our expectations," Chief Executive Officer Jay Schottenstein said. "Looking forward, I have never been more optimistic about our future than I am today."
American Eagle Outfitters reports earnings May 26.