June 3, 2020 / 12:14 PM / a month ago

American Eagle swings to quarterly loss on coronavirus-led store closures

June 3 (Reuters) - American Eagle Outfitters Inc on Wednesday reported a quarterly loss, compared with a profit last year, as the apparel retailer was forced to close its stores due to the COVID-19 pandemic.

The company said its net loss stood at $257.2 million, or $1.54 per share, in the quarter ended May 2, compared with a profit of $40.8 million, or 23 cents per share, a year earlier, mainly due to an impairment charge of about $156 million.

Total revenue fell nearly 38% to $551.7 million during the quarter, compared with $886.3 million a year ago. (Reporting by Aditi Sebastian; editing by Uttaresh.V)

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