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American Eagle raises annual revenue forecast on strong holiday-season demand

American Eagle Outfitters on Tuesday raised its annual revenue forecast, in a sign that demand for its apparel and accessories remained steady ahead of the crucial holiday season.

Despite beating Q3 earnings estimates, shares of the young adult retailer plummeted nearly 16% on Tuesday after its Q4 operating income forecast disappointed investors. The company said it expects fourth quarter operating income to come in a range of $105 million to $115 million. Analysts had expected $114 million.

The company now expects annual revenue to be up mid single digits, compared with its prior forecast of a rise in low single digits.

Analysts on average had expected revenue to grow 2.61%, according to LSEG data.

(Reporting by Juby Babu in Bengaluru; Editing by Shweta Agarwal)

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