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American Eagle to Close 28 Stores, Releases 4Q Results
March 10, 2010
Pittsburgh, Pa.-based American Eagle Outfitters Inc. released its fourth quarter results, and announced plans to close 28 stores in its Martin+Osa concept. The closures will also include the Martin+Osa online business, and will take place by the end of the second quarter for the 2010 fiscal year. In fiscal 2009, Martin+Osa reported a $44 million loss. According to the company, it plans to turn the focus to its additional brands, including AE, aerie and 77kids. For the fourth quarter, American Eagle Outfitters reported net income of $59.32 million, compared with $32.73 million for the same time period last year. The company operates approximately 1,100 stores throughout the United States, Puerto Rico and Canada.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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