American Eagle forecasts sales above estimates

PITTSBURGH, Apr 18 (Reuters): American Eagle Outfitters Inc forecast first-quarter revenue of more than $1.0 billion as strong demand helped the apparel retailer sell more products of its eponymous and Aerie labels at full price.

The Pittsburgh, Pennsylvania-based company's shares increased by about 5.0 per cent in extended trading at the weekend as its forecast came in above market estimates of $904.1 million, according to IBES data from Refinitiv.

Like its rivals Levi Strauss Co and Abercrombie & Fitch Co, American Eagle has recorded stronger sales as more customers spent their stimulus checks on the company's jeans, trousers and tops.

"In light of the current environment, it's truly gratifying to see consumer optimism, strong demand across channels," American Eagle Chief Executive Officer Jay Schottenstein said in a statement.

Aerie, which sells work-from-home favourites including lingerie and loungewear, has been exceeding the company's expectations, Schottenstein added.