American Eagle Names New Finance Chief

American Eagle Outfitters Inc. named a former Polo Ralph Lauren Corp. executive as its new chief financial officer on Thursday.

Bob Madore will succeed interim finance chief Scott Hurd, who took over the role on a temporary basis in April following the retirement of Mary Boland, who was hired as CFO in 2012. Mr. Madore began working in senior management in the retail sector in 1995 and spent time at a range of companies including Nine West Group Inc. and New York & Co.

American Eagle posted steady sales growth for the July quarter during a time where many retailers are grappling with dwindling traffic as customers increasingly opt to do their shopping online. For that quarter, results topped Wall Street's expectations as profit and revenue rose.

American Eagle has been highlighting its denim products, and analysts have said that American Eagle is one of the few retailers performing well in the teen and women's categories. Last month, analysts from both Deutsche Bank and Wunderlich Securities raised their ratings on the company to "buy" from "hold."

American Eagle started with one store at Twelve Oaks Mall in Novi, Mich., and initially focused on outdoor-sports apparel and equipment. It later recast itself as a clothing retailer with a collegiate flair. The retailer, part of the retail empire of the Schottenstein family of Columbus, Ohio, went public in 1994. Jay L. Schottenstein, the company's longtime chairman and chief executive for about a decade through 2002, retook the helm of the retailer in 2014 and became permanent CEO in December.

Shares of American Eagle rose 1.2% to $18.03 in early trading on Thursday.

(END) Dow Jones Newswires

September 29, 2016 10:35 ET (14:35 GMT)

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