American Eagle Names New Finance Chief
September 29 2016 - 10:50AM
Dow Jones News
American Eagle Outfitters Inc. named a former Polo Ralph Lauren
Corp. executive as its new chief financial officer on Thursday.
Bob Madore will succeed interim finance chief Scott Hurd, who
took over the role on a temporary basis in April following the
retirement of Mary Boland, who was hired as CFO in 2012. Mr. Madore
began working in senior management in the retail sector in 1995 and
spent time at a range of companies including Nine West Group Inc.
and New York & Co.
American Eagle posted steady sales growth for the July quarter
during a time where many retailers are grappling with dwindling
traffic as customers increasingly opt to do their shopping online.
For that quarter, results topped Wall Street's expectations as
profit and revenue rose.
American Eagle has been highlighting its denim products, and
analysts have said that American Eagle is one of the few retailers
performing well in the teen and women's categories. Last month,
analysts from both Deutsche Bank and Wunderlich Securities raised
their ratings on the company to "buy" from "hold."
American Eagle started with one store at Twelve Oaks Mall in
Novi, Mich., and initially focused on outdoor-sports apparel and
equipment. It later recast itself as a clothing retailer with a
collegiate flair. The retailer, part of the retail empire of the
Schottenstein family of Columbus, Ohio, went public in 1994. Jay L.
Schottenstein, the company's longtime chairman and chief executive
for about a decade through 2002, retook the helm of the retailer in
2014 and became permanent CEO in December.
Shares of American Eagle rose 1.2% to $18.03 in early trading on
Thursday.
(END) Dow Jones Newswires
September 29, 2016 10:35 ET (14:35 GMT)
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