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STOCKS SLIDE AFTER META'S REALITY CHECK, WITH GDP ON DECK

Owner of Facebook and Instagram plans to spend up to US$10B on AI infrastructure investments

Why is American Eagle Outfitters (AEO) Stock Down Today?

Madeleine Johnson
Updated

On Friday, shares of popular retailer American Eagle Outfitters Inc AEO plunged over 9.6% in pre-market trading, and are now down 16%.

This downward movement is a result of the company announcing same-store sales are up only 4% in the fourth quarter to date, below the FactSet consensus of 4.9%. American Eagle Outfitters are still confident, however, that Q4 earnings per share will come in at $0.40-$0.42, up from $0.36 from a year ago.

Chief Executive Jay Schottenstein said in a statement that "Despite a very challenging macro-environment, we had a solid holiday season, driven by positive results in both our brands. The online business was particularly strong, and we leveraged our omni-channel tools to deliver an improved customer experience.”

“I am extremely pleased with the steady progress made in 2015, with expected annual EPS growth of roughly 70%. I'm optimistic about our future plans, and across the organization we are diligently focused on driving continued momentum in 2016,” Schottenstein continues.

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Take a look at this graph showing AEO’s performance over the last 90 days:

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