American Eagle Outfitters, Inc. (NYSE:AEO) shares are trading higher on Wednesday in sympathy with Foot Locker, Inc. (NYSE:FL), which gained following better-than-expected third-quarter financial results.
What To Know: Clothing, footwear and athletic apparel stocks were bolstered by Foot Locker’s solid earnings report, released before the open of the market.
Foot Locker reported quarterly earnings of 30 cents per share, beating the analyst consensus estimate of 25 cents, while revenue of $1.99 billion clocked in above The Street’s estimate of $1.97 billion.
In addition to the impact of Foot Locker’s earnings, American Eagle and other retail stocks may also be continuing to gain following holiday sales events.
Strong Black Friday and Cyber Monday numbers likely also benefitted American Eagle stock. Consumers spent a record $9.8 billion on Black Friday, a 7.5% increase from the previous year.
Related Link: Fed Beige Book Reveals Economic Slowdown Amid Rising Consumer Price Sensitivity
AEO Price Action: Shares of AEO were up 6.01% at $19.06 at the time of publication, according to Benzinga Pro.
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