The Pittsburgh Post-Gazettereports that American Eagle Outfitters Inc. has signed a deal with M.H. Alshaya Co. in Kuwait. The company will start opening American Eagle franchise stores in Middle East as early as 2010.
M.H. Alshaya Co. in Kuwait, which indicates on its Web site that it already operates stores under brand names such as Justice, Claire's and H&M, is slated to open the first American Eagle franchise location in the Middle East in early 2010.
Meanwhile, the South Side retailer reported that it was starting to carry fashions teens will pay full price for again even though first-quarter profits were almost half those of the same period last year and the second quarter isn't likely to be much better.
The company posted net income of $22 million, or 11 cents per share, for the three months ended May 2. That compares with $43.9 million, or 21 cents, during the same period last year.
TheStreet.com says American Eagle's women's stores are not doing as well as its Martin + Osa concept stores. American Eagle's intimate/sleepwear division called aerie and its 77kids concept are also doing well.
