American Eagle Outfitters, Inc. (NYSE:AEO) Q2 2023 Earnings Conference Call September 6, 2023 4:30 PM ET
Company Participants
Judy Meehan - SVP of Corporate Communications and IR
Jay Schottenstein - Executive Chairman and CEO
Jen Foyle - President and Executive Creative Director, AE & Aerie
Michael Rempell - COO
Mike Mathias - CFO
Conference Call Participants
Jay Sole - UBS
Adrienne Yih - Barclays
Matthew Boss - JPMorgan
Paul Lejuez - Citi
Jonna Kim - TD Cowen
Corey Tarlowe - Jefferies
Janet Joseph Kloppenburg - JJK Research Associates
Chris Nardone - Bank of America
Alex Stratton - Morgan Stanley
Marni Shapiro - Retail Tracker
Operator
Greetings and welcome to the AEO Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Judy Meehan. Thank you, Ms. Meehan, you may begin.
Judy Meehan
Good afternoon, everyone. Joining me today for our prepared remarks are Jay Schottenstein, Executive Chairman and Chief Executive Officer; Jen Foyle, President, Executive Creative Director for AE and Aerie; Michael Rempell, Chief Operating Officer; and Mike Mathias, Chief Financial Officer.
Before we begin today's call, I need to remind you that we will make certain forward-looking statements. These statements are based upon information that represents the company's current expectations or beliefs. Results actually realized may differ materially based on risk factors included in our SEC filings. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additionally, you can find the second quarter investor presentation posted on our corporate website at www.aeo-inc.com in the Investor Relations section.
And now I will turn the call over to Jay.
Jay Schottenstein
Good afternoon. Thanks for joining us today.
I am pleased to report second quarter revenue and operating profit that exceeded our expectations, reflecting stronger demand and improved profit flow-through. Business picked up in June across brands and channels with strength sustaining until July as our early back-to-school collections rolled out. The teams executed well during the period. We made quick product adjustments, chased into demand profitably while also maintaining healthy inventories and controlling promotions.
Record revenue of $1.2 billion was up slightly to last year, while operating income of $65 million increased significantly to last year. We generated strong cash flow, ending the quarter with a healthy balance sheet and cash of $175 million, up $77 million to last year.