Here is a summary of American Eagle Outfitters, Inc.'s Q1 2023 earnings call, which took place on May 24:
- American Eagle Outfitters reported a consolidated revenue of $1.1 billion in Q1 2021.
- Aerie delivered record revenue and profitability with double-digit revenue growth and positive comp growth.
- The company is focused on managing through the macro environment and seeking opportunities to optimize profitability.
- The use of RFID and AI-based technology is being rolled out to yield efficiencies and inventory productivity.
- The company is cautiously optimistic about their brands and focused on healthy and profitable growth.
- Aerie revenue increased 12%, with comparable sales up 2% in Q1 2021.
- The company is cutting down on capital spend to benefit future quarters, beyond 2021.
- The company plans to promote with intent and has plans in place to clear goods more profitably in Q2.
- Gross margins are expected to improve due to recovery of freight and related product costs, with net positive impact from lower markdowns on the year.
- Bright spots seen in bottoms, particularly in denim.
This is an AI generated summary. There may be inaccuracies.
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