Why American Eagle Outfitters Stock Popped This Morning

Shares of retail clothier American Eagle Outfitters (NYSE: AEO) jumped out of the gate Thursday, racing ahead 7.7% by 9:45 a.m. EST after the company reported an earnings beat last night. Expected to report pro forma profits of $0.36 per share on sales of $1.28 billion, American Eagle edged out both numbers with a report of $0.39 per share pro forma profit, and $1.29 billion in sales. Despite beating estimates, sales for American Eagle's fiscal fourth quarter 2020 declined 2% year over year, with same-store sales declining 1%, hurt by a 20% decline in in-store sales.