American Eagle sees second-quarter revenue above previous forecast

(Reuters) -American Eagle Outfitters said on Thursday it expects revenue and operating income for the second quarter to be above prior forecast, sending its shares up 6% in premarket trade.

The teen apparel maker now expects revenue for the quarter to be flat to a year earlier, compared with its prior forecast of down low-single digits. It sees operating income exceeding previous guidance of $25 million to $35 million.

"Demand picked up in late June, with strength continuing as we introduced our initial Fall collections in July," CEO Jay Schottenstein said.

The company had in May cut its full-year revenue forecast as demand eased for non-essentials, including apparel, due to still-high inflation.

Separately, American Eagle said Chief Operating Officer, Michael Rempell would be leaving in early fiscal 2024.

The company is scheduled to report second-quarter results on Sept. 6.

(Reporting by Granth Vanaik in Bengaluru; Editing by Sriraj Kalluvila)

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