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April 15, 2021, 8:33 a.m. EDT

American Eagle Outfitters shares jump as Q1 revenue approaches $1 billion

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By Tonya Garcia

American Eagle Outfitters Inc. /zigman2/quotes/209429711/composite AEO +1.71% stock rose nearly 5% in Thursday premarket trading after the retailer's first-quarter business update showed revenue that is "on track" to exceed $1 billion. "Demand has accelerated across the American Eagle and Aerie brands, generating strong margins, higher full-priced selling and reduced promotions," the company said. The FactSet sales consensus is for $974 million. American Eagle is scheduled to report first-quarter earnings on May 1. BMO Capital Markets expects the momentum to continue into the second quarter. "[T]ighter industrywide inventory, coupled with stronger consumer demand, bolstered by stimulus is presenting a trifecta yielding a surge in spending power at a time when demand is already outstripping supply," analysts wrote in a note. BMO rates American Eagle market perform with a $36 price target, up from $26. American Eagle stock has rallied 64.3% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.74% has gained 9.8% for the period.

/zigman2/quotes/209429711/composite
US : U.S.: NYSE
$ 36.80
+0.62 +1.71%
Volume: 1.52M
May 7, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
1.49%
Market Cap
$6.05 billion
Rev. per Employee
$101,598
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/zigman2/quotes/210599714/realtime
US : S&P US
4,232.60
+30.98 +0.74%
Volume: 2.03B
May 7, 2021 4:18p
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