In a press release, AEO said that it expects second quarter revenue to be approximately flat to last year, ahead of its previous guidance for revenue to be down low-single digits.
The company also expects operating income to exceed previous guidance of $25M to $35M. Schottenstein noted that demand picked up in late June, with strength continuing in July as the company introduced its initial fall collections.
“Looking to the second half of the year, we remain focused on building our category leadership and creating unique customer connections, while maintaining a sharp eye on improved profit flow through,” he said. AEO will report its final second quarter 2023 results by press release on Wednesday 6 September.
Separately, the apparel and accessories retailer said that Michael Rempell, Chief Operations Officer, has decided to leave the company in order to pursue personal interests and spend more time with his family. Rempell, who joined AEO in 2000 and has served as COO since 2012, will depart in early fiscal 2024.
