American Eagle Outfitters, Inc. (NYSE: AEO) posted financial results for the fourth quarter of fiscal 2017. Although revenue of the company beat estimates and earnings meet expectations, shares of the company dropped 8% in the afternoon on Thursday.
According to the company, revenue for the fourth quarter rose from $1.08 billion for the same period last year to $1.23 billion. The result beating analysts’ estimates of $1.21 billion.
Net income for the fourth quarter was $93.96 million, increasing from $54.62 million for the same period last year. Earnings per share for the fourth quarter was $0.44, increasing from $0.39 per share for the same period last year. The result was in line with analysts’ estimates of $0.44 per share.
In addition, operating income for the quarter rose from $85.87 million to $116.01 million, according to the company.
“I’m pleased that we ended 2017 with a strong quarter, achieving record sales and an EPS increase over last year. In the fourth quarter we saw an acceleration in sales, continued sequential margin improvement and EPS growth that was on the high end of our guidance,” Jay Schottenstein, the Chief Executive Officer of American Eagle Outfitters, said in the statement on Thursday.
“Looking ahead to 2018, our brands are well?positioned for growth. American Eagle is a true leader in specialty apparel, with one of the strongest jeans brands in the market, and Aerie is one of the fastest growing lifestyle brands. We started the spring season with positive momentum, positioning us well for strong results in 2018,” Mr. Schottenstein continued.