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American Eagle CEO steps down [January 23, 2014] (Reuters) — Teen apparel retailer American Eagle Outfitters Inc <AEO.N> said its chief executive of two years, Robert Hanson, would leave the company, effective immediately. |
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American Eagle's shares fell as much as 5
percent in trading after the bell. The company said Executive Chairman Jay Schottenstein would
serve as interim CEO. Schottenstein was previously the CEO of
the company between March 1992 and December 2002. American Eagle also said Vice Chairman and Executive Creative
Director Roger Markfield would postpone his retirement and
continue in his current role. The company also reaffirmed its earnings forecast of 26 cents
per share for the fourth quarter. Earlier this month, American Eagle said comparable sales for the
fourth quarter ended January 4 declined 7 percent, while total
sales fell 2 percent to $882 million. At that time, Hanson had said traffic and sales through
Christmas week were on the low end of the company's expectations
and, coupled with the deep discounts needed to attract shoppers,
were putting pressure on margins and earnings. The company and its rivals Aeropostale Inc <ARO.N> and
Abercrombie & Fitch <ANF.N> are also facing intense competition
from "fast fashion" chains such as Sweden's H&M and Inditex's <ITX.MC>
Zara, whose trendier and cheaper clothes are resonating with
young shoppers. American Eagle shares were down 4 percent at $13.74 in extended
trading. They had closed at $14.31 on the New York Stock
Exchange on Wednesday. (Reporting by Maria Ajit Thomas in Bangalore; editing by Savio D'Souza) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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