American Eagle Outfitters plans more store closings
American Eagle Outfitters, a public company controlled by the Schottenstein family, plans to close more stores in the fiscal year that ends in April 2018, the Pittsburgh Business Times reported.
The company, headquartered in Pittsburgh, closed three stores and opened six in the first quarter. It plans to close between 25 and 40 stores this fiscal year, while opening between 32 and 37 across its various brands, the article said.
As of April 29, the company operated 1,053 stores, three more than in the beginning of the year, the report said.
CFO Bob Madore said during the company’s conference call, “We are looking to get more aggressive with store closings.”
The company’s profit in the first quarter was $25.2 million, compared with $40.5 million a year ago, the journal reported.
CEO Jay Schottenstein said the company wants to close stores “in a smart way,” the article said. (Source: Pittsburgh Business Times, May 17, 2017.)