American Eagle Q1 net sales jumped to 18%

American Eagle Outfitters’ net sales for the first quarter

increased 18% to $719 million (Rs 3,799 crores) compared to $610 million (Rs 3,223 crores) last year. Comparable store sales increased 17%, including sales from AEO direct.

The Pittsburgh company announced that based on stronger than expected sales and less promotional activity it is raising its first quarter earnings expectation from $0.18 to $0.20 (Rs 9.5 to Rs 10.5) per diluted share, compared to earnings of $0.14 (Rs 7.3) per diluted share last year. The company’s previous first quarter earnings guidance was $0.08 to $0.10 (Rs 4.2 Rs 5.2) per diluted share.

For fiscal 2012, the company is formulating an EPS range of $1.06 (Rs 56) to $1.12 (Rs 59) per diluted share, which assumes comparable store sales growth in the low- to mid- single digit range. In fiscal 2011, adjusted earnings per diluted share were $0.86 (Rs 45.4).

American Eagle Outfitters is a specialty retailer offering high-quality, on-trend clothing, accessories and personal care products at affordable prices under its American Eagle Outfitters, Aerie and 77kids brands. The company operates more than 1,000 stores in North America, and ships to 77 countries worldwide through its websites. American Eagle Outfitters and Aerie merchandise also is available at approximately 25 international franchise stores in 10 countries.