Pittsburgh -- American Eagle Outfitters reported Thursday that net income for the quarter ended Oct. 30 was $33 million, compared with $59.2 million in the year-ago period. The drop was largely a result of investment losses and a prior-year tax benefit, and masked growth in sales and margins.
Total sales for the quarter increased to $752 million, compared with $736 million last year.
Same-store sales increased 1%.
“Our third-quarter results reflect meaningful progress toward our goals and demonstrate the positive impact of recent initiatives,” said Jim O’Donnell, CEO.
American Eagle Outfitters operates 937 stores in the United States and Canada.