American Eagle Outfitters, Inc. (NYSE: AEO) reported Q2 EPS of $0.03, $0.03 better than the analyst estimate of $0.00. Revenue for the quarter came in at $711 million versus the consensus estimate of $689.95 million. Consolidated comparable sales decreased 7%, following a 7% decrease last year.

American Eagle Outfitters, Inc. sees Q3 2014 EPS of $0.17-$0.19, versus the consensus of $0.18.

Jay Schottenstein, Interim CEO, commented, “Although the second quarter results were slightly ahead of our expectations, they do not reflect our potential. We did, however make significant progress on our priorities to build a sustainable path to higher profitability. We successfully cleared through spring and summer merchandise and entered the second half of the year in a good inventory position. We made progress on merchandise improvements, which will ramp up through the holiday season. The teams also continued to implement omni-channel initiatives and strengthen the customer experience. We remain vigilant on expense management, while pursuing strategic initiatives crucial to our future success. We are confident that these efforts will position AEO to achieve stronger operating results and deliver increasing shareholder value.”

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