August 23, 2017 / 12:10 PM / a month ago

Teen apparel maker American Eagle's quarterly profit nearly halves

Aug 23 (Reuters) - American Eagle Outfitters Inc reported a quarterly profit that nearly halved mainly due to restructuring charges.

Net income fell to $21.2 million, or 12 cents per share, in the quarter ended July 29, from $41.6 million, or 23 cents per share, a year earlier.

The company said it incurred $21 million related to restructuring charges on conversion of company-owned and operated stores in the United Kingdom, Hong Kong and China to licensed partnerships.

Net revenue rose 2.7 percent to $844.6 million. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)

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