Global apparel retailer American Eagle is boosting its Aerie lingerie brand, with plans to open 60 to 75 stores this year.
The strategy, which coincides with rival brand Victoria’s Secret’s declining sales and series of store closures, involves both standalone locations and side-by-sides with American Eagle, predominantly in Texas and California. The company currently operates 1055 stores.
“Aerie is a game changer by staying at the forefront of body positivity and women’s empowerment,” said Aerie’s global brand president Jennifer Foyle. “Our new cast of role models are even more inspirational. They embrace the Aerie lifestyle and were chosen for their influential voices, unique stories and commitment to increase the power and empowering our community.”
The firm reported US$431 million in earnings for the last financial quarter, a 1 per cent rise over the previous year’s figures. Its total net sales also rose 1 per cent to $1.24 billion.
“Strong execution by the teams drove a record fourth quarter and fiscal 2018, as we reached a milestone of $4 billion in annual revenue with increased operating profit,” said American Eagle’s CEO and chairman Jay Schottenstein.
“Eagle and Aerie continued to deliver consistent performance by combining product innovation and great merchandise with an improved customer experience across channels. As we head into 2019, we will continue to leverage the strength of our brands, selling channels and the team’s commitment to continually raising the bar for our customers. The strength of our balance sheet and free cash flow enables us to make important investments in our business to fuel market share gains, future growth and returns to our shareholders.”