American Eagle Outfitters raises Q2 forecast, announces COO departure

American Eagle Outfitters, Inc. (AEO) expects second quarter revenue to be approximately flat to last year, ahead of previous guidance for revenue to be down low-single digits. The company also expects operating income to exceed previous guidance of 25 to 35 million dollars.

The company also announced that Michael Rempell, chief operations officer, has made the decision to leave the company in early fiscal 2024. After over 23 years with AEO, Rempelll has decided to pursue personal interests and spend more time with his family.

Commenting on the trading update and COO departure, Jay Schottenstein, AEO’s executive chairman and CEO said in a statement: “I am pleased to note that demand picked up in late June, with strength continuing as we introduced our initial fall collections in July, reflecting newness centred on emerging trends across our brands”

“For over two decades, Michael has been a valuable member of our executive team and I am grateful for his numerous contributions. He has been a strategic leader and instrumental in taking the company from 1 billion dollars to over 5 billion dollars in revenue, investing in technology and infrastructure that created AEO’s world class operations and made us an innovator in our space. He has had an extraordinarily positive and lasting impact on our organisation and our people,” Schottenstein added.

Commenting on his decision to leave the company, Rempell said: “This decision did not come easily. AEO is a wonderful company and has been a home away from home, where colleagues have become lifelong friends. It has truly been an honour and privilege to work alongside such remarkable talent and I know that I’m leaving the company in very good hands. I want to thank Jay for his incredible leadership, vision and guidance over the years and our board of directors for their tremendous support.”