Nov 30 (Reuters) - Teen apparel retailer American Eagle Outfitters Inc reported a smaller-than-expected rise in quarterly comparable sales, citing a tough retail climate, and forecast a fourth-quarter profit well below expectations.
Shares were down 11 percent at $16.83 in premarket trading on Wednesday.
American Eagle forecast fourth-quarter adjusted profit of 37-39 cents per share, well below the average analyst estimate of 45 cents, according to Thomson Reuters I/B/E/S.
The company’s comparable sales rose 2 percent in the third quarter ended Oct. 29, missing analysts’ average estimate of a 2.9 percent rise, according to research firm Consensus Metrix.
Net revenue rose 2.34 percent to $940.6 million. Analysts on average had expected $940.9 million.
Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D'Couto