© Reuters. PHOTOS: Appearance of American Eagle Outfitters store in Arlington, Virginia, US, June 1, 2021. REUTERS / Erin Scott
(Reuters) – American Eagle Outfitters Inc. on Tuesday revealed that the amount of its revenue during the holiday season failed due to the hassle and disruption caused by the Omicron operation, sending its shares down by 2% on initial sales.
The company predicted that fourth-quarter earnings would rise among young people, lower than what the market is expected to grow by 21.5%, according to Refinitiv data.
The weak point was further confirmed by the growing increase in US COVID-19 cases, which forced a large number of employees and reduced supplies for several retailers and forced others to reduce working hours during the busiest part of the year.
Urban Outfitters Inc (NASDAQ 🙂 said earlier in the day the number of vehicles in its stores was reduced in November and December, while yoga makers Lululemon Athletica (NASDAQ 🙂 Inc warned of a commercial strike from the Omicron coronavirus on Monday.
The American Eagle (NYSE 🙂 competition from Abercrombie & Fitch Co has also made some disappointing commercial claims over the internet crisis.
But Abercrombie said sales began to rise after the holidays, with the American Eagle raising its long-term costs to $ 5.8 billion from $ 5.5 billion.
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