Color on American Eagle Earnings (AEO)

American Eagle just reported earnings last Tuesday, May 22nd. The earnings came in at what the analysts expected at $.35 a share, but the outlook for the 2nd quarter came in below expectations, that sent the shares down 4%. Margins looked good, no signs of them decreasing.

They also authorized a 23 million shares repurchase program, they already had 4.2 million shares outstanding in their current repurchase program. Their policy on share repurchases was to offset dilution related to stock options. Could this mean that their growth is slowing down and they have to make up for it in other ways?