Earnings Report: American Eagle Outfitters, Inc. Reports Decreased Net & Operating Incomes (AEO)

05/26/2010 - American Eagle Outfitters, Inc. (NYSE:AEO) reported Q1 earnings Wednesday morning before the opening bell, showing earnings of $0.05 per share for the period that ended May 1, 2010; last year's earnings were $0.11.

Gross profit increased from $221 million to $248 million, and as a rate to sales, gross profit rose 37.7%.

Operating income was $13 million, versus last year's $27 million.

Net income also dropped from $22 million last year to $11 million.

"The first quarter demonstrated progress toward our goals. We achieved higher sales and stronger profitability," said CEO Jim O'Donnell. "We remain focused on our priority to deliver margin improvement and earnings growth, with the ultimate goal of reaching our mid-teen operating margin target."

Shares of American Eagle closed Tuesday at $15.38.

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