Shares of American Eagle plunge 13% as company issues weak holiday guidance

📆 5/12/2024 5:20 AM
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American Eagle issued weak holiday guidance after reporting its third sales miss in a row.

American Eagle cut its full-year sales forecast and issued holiday guidance that came in below expectations.

American Eagle's Aerie brand saw strong growth with comparable sales up 5%, on top of 12% in the year-ago period.issued weak holiday guidance on Wednesday and cut its full-year forecast as it contends with value-seeking consumers who are only willing to spend during key shopping moments.

While it was narrow, Wednesday's miss is the third quarter in a row that American Eagle has not met Wall Street's sales targets.In a statement, CEO Jay Schottenstein touted a"strong" back-to-school shopping season but said demand remains inconsistent in between major shopping events. Consumers coming out for key shopping moments, and then sharply dropping off, has been a consistent theme across the retail industry.

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