American Eagle cuts 1Q guidance on sales

Teen retailer American Eagle Outfitters Inc. on Thursday cut its first-quarter earnings guidance, saying its same-store sales fell 12 percent in March.

The company said it now expects earnings between 18 cents and 20 cents per share. Previously, the company said it would likely earn between 25 cents and 27 cents per share.

Analysts polled by Thomson Financial expect profit of 26 cents per share.

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The guidance cut came as the company reported the same-store sales drop for the month. The decline was steeper than the 8.9 percent drop analysts predicted for the month.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly-opened ones.

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American Eagle said its March sales were well below its expectations due to weak traffic and sales trends. The company said traffic over the Easter and spring break periods was lower than it expected.

The company said total sales for the five weeks ended April 5 fell 2 percent to $267.3 million from $271.4 million in the same period in 2007.

Shares fell 66 cents, or 3.9 percent, to $16.27 in electronic premarket trading. The shares closed at $16.93 Wednesday.