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American Eagle Q3 Earnings Forecast Sharply Below Expectation

Shares of American Eagle Outfitters (NYSE: AEO) were hammered on Wednesday after the teen apparel chain provided a very disappointing fiscal third quarter earnings outlook even as it said that it will continue selling its products at discounted prices to push sales during the back-to-school season. For the fiscal third quarter, American Eagle Outfitters anticipates earnings of 14 cents to 16 cents a share while analysts surveyed by Thomson Reuters expected 35 cents. In the latest period, the adjusted earnings stood at 10 cents a share, in line with its most recent projection, made two weeks ago. At that time, analysts had a consensus forecast for earnings of 21 cents a share.

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