FILE PHOTO: Jeans are seen for sale in an American Eagle Outfitters retail store in Manhattan, New York, U.S., May 13, 2016.
REUTERS/Mike Segar(Reuters) - American Eagle Outfitters Inc said on Thursday it would close potentially hundreds of stores over the next few years, while the coronavirus crisis forced the apparel retailer to forecast holiday-quarter revenue below estimates.
Aerie’s revenue is expected to double to $2 billion in 2023, compared with 2019, leading American Eagle to target revenues of $5.5 billion in 2023, versus $4.31 billion in 2019.
However, the company forecast fourth-quarter revenue to fall by low single-digits, compared with analysts’ estimates of a 0.14% dip, according to IBES data from Refinitiv.
The company plans to bring down its American Eagle U.S. and Canada store count to about 600 to 700 in the next few years, compared with about 880 currently.
Mike Segar, Jay Schottenstein
American Eagle Outfitters, REUTERS, Eagle Outfitters Inc, Eagle, Revenue, American Eagle U.S
Manhattan , New York, U.S, Refinitiv, Canada