Warrendale, Pa., Casual-apparel retailer American Eagle Outfitters Inc. today reported its fourth-quarter profit almost tripled on top of strong comparable-store sales. The company said its quarterly income grew to $101.2 million, or $1.32 per share, up from $35.4 million, or 49? per share, a year ago. Revenue increased 37% to $674 million over $490.6 million last year, while comp-store sales rose 28.6% for the quarter.
The retailer reported net income for the full year to be $214 million, or $2.85 per share, up from $60 million, or 83? per share, a year ago. Revenue for the year rose 31% to $1.88 billion from $1.44 billion, as comp-store sales went up 21.4% for the year. The Warrendale, Pa. based company said that the reported figures were tentative, as it plans to restate earnings related to lease accounting changes prompted by the recent SEC clarification of accounting practices. The company does not believe any changes will materially affect its earnings.