American Eagle Q2 GAAP EPS -$0.24; pauses dividend; expands cost cuts to $100M

AMERICAN EAGLE OUTFITTERS INC

2022-Q2 EPS reported -$0.06 revenue$2,253,161,000

Q2 revenue $1.2B flat YoY; GAAP EPS ($0.24) vs $0.59; adj EPS $0.04; operating income $14M down from $168M.
Gross margin 30.9% vs 42.1% due to 750bps markdowns and 200bps freight; higher end-of-season selloffs cost $30M.
Aerie revenue +11% to $372M but comp -6%; American Eagle revenue -8% to $778M with comp -10%.
Inventory +36% cost; expects Q3 inventory up mid-singles, Q4 down YoY; making progress on right-sizing.
Pauses $0.18 quarterly dividend; expands annual expense savings target to $100M from $60M; capex guide lowered to ~$250M.

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