American Eagle (AEO) earnings Q4 2023

American Eagle on Thursday announced a new strategy to boost profitable growth over the next three years, as the retailer said it wrote off $94 million in impairment charges related to its internal logistics business Quiet Platform.

The company also reported holiday earnings that beat Wall Street’s expectations thanks to strong demand and lower markdowns and input costs. 

Shares closed 2% lower Thursday.

Here’s how American Eagle did in its fourth fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: 61 cents adjusted vs. 50 cents expected
  • Revenue: $1.68 billion vs. $1.67 billion expected

The company’s reported net income for the three-month period that ended Feb. 3 was $6.32 million, or 3 cents per share, compared with $54.6 million, or 28 cents per share, a year earlier. Excluding one-time items, American Eagle posted adjusted earnings of 61 cents per share. 

Sales rose to $1.68 billion, up about 12% from $1.5 billion a year earlier. 

In the current quarter, American Eagle expects sales to be up by a mid-single digit percentage, which is in line with estimates of up 5%, according to LSEG. For the full year, it expects sales to be up 2% to 4%, the higher end of which would beat the 2.9% analysts had expected, according to LSEG. 

During the Covid pandemic, American Eagle spent hundreds of millions of dollars acquiring a number of shipping and distribution companies that eventually became Quiet Platforms, the retailer’s internal logistics branch. It was designed to streamline American Eagle’s own shipping needs, but the company also sought to “Uber-ize” the global supply chain by serving as a logistics platform for other companies. 

Last spring, American Eagle acknowledged that Quiet Platforms wasn’t performing as it had expected. The segment’s president and chief operating officer had left the company as the retailer worked to restructure the business, RetailDive reported.

During the fourth quarter, American Eagle took $98.3 million in impairment and restructuring charges related to Quiet Platforms, the bulk of which were impairments to its goodwill, intangible assets and technology that are no longer a part of the platform’s long-term strategy. Employee severance costs made up $4.3 million in charges.

While the investments may no longer be worth what they once were at the time the company made them, finance chief Mike Mathias told CNBC the platform has

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Brookfield on path to boost earnings with fast-growing insurance arm

Open this photo in gallery:

Pedestrians and office workers walk past the Bay St. entrance to Brookfield Place in Toronto’s Financial District on July 12, 2022.Fred Lum/the Globe and Mail

One of the cornerstones of Brookfield Corp.’s BN-T plan to boost its earnings over the next five years is a business that barely existed for the company three years ago: Its fast-growing insurance arm.

What started as a small business allowing pension plans to transfer risk for future liabilities, and a virtual rounding error on Brookfield’s vast balance sheet as recently as 2020, is soon expected to reach US$100-billion in assets under management, then balloon to US$250-billion by 2028.

“We have lofty ambitions,” said Sachin Shah, chief executive officer of Brookfield’s insurance arm, in an interview. “It could be a very sizable part of the overall franchise.”

The business Brookfield set out to build three years ago is designed to be sleepy and steady. Through Brookfield Reinsurance Ltd. BNRE-T, the publicly listed subsidiary that holds its insurance assets and operating companies, it mostly offers predictable income to retirees, insurance to other insurers and other types of plain-vanilla life and casualty policies.

Brookfield is deliberately keeping its exposure to property insurance small, as liabilities from severe weather events and natural disasters such as wildfires and floods have become increasingly unpredictable.

Instead, its core product is annuities with fixed interest rates – a kind of insurance that converts a lump-sum premium into a promise of regular payments with interest over a period of time.

Don’t throw out Brookfield Infrastructure with the market bath water

It is a far cry from the prestige of owning gleaming office towers in large cities, the high-stakes deal making of private equity or the global urgency to build new renewable energy sources, where Brookfield is already well established.

But the popularity of annuities has spiked, first as upheaval from the COVID-19 pandemic created a larger appetite for predictable income, and then as rising interest rates made the returns offered on the products more attractive.

In the span of a few years, insurance has become one of three pillars of Brookfield’s strategy, along with its established, US$865-billion asset-management arm and a growing private wealth business forged through its 2019 purchase of a majority stake in Oaktree Capital Group LLC.

Over the next five years, Brookfield’s insurance-solutions business is expected to account for more than a third of

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The Magic Of Multiple Streams Of Residual Earnings Online

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