American Eagle July same-store sales slide

PITTSBURGH (AP) — Teen apparel retailer American Eagle Outfitters Inc. said Thursday that its same-store sales declined 11 percent in July, worse than Wall Street expected.

Analysts polled by Thomson Reuters forecast a 10 percent same-store sales decline.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance because they measure growth at existing stores rather than newly opened ones.

Total sales for the month ended Aug. 1 dipped 8 percent to $215 million, reflecting weak traffic and a shift of tax-free events to August from July last year.

The retailer also offered second-quarter guidance of 16 cents per share.

Shares of American Eagle climbed 59 cents, or 4.2 percent, to $14.55 in premarket activity.