* Expects Q3 adj EPS of $0.36-$0.38/shr vs est of $0.38/shr
* Q2 rev $844.6 mln vs est of $824 mln
* Q2 adj EPS $0.19/shr vs est of $0.16 /shr (Adds details, background; Updates shares)
Aug 23 (Reuters) - American Eagle Outfitters Inc reported a surprise rise in comparable sales for the second straight quarter and posted better-than-expected results in a glum retail environment, helped by strong demand for its Aerie line of lingerie.
Shares of the teen apparel maker which forecast third-quarter comparable sales to be flat to up low single digits rose 11.3 percent to $12.48 before the bell on Wednesday.
Apparel retailers, including American Eagle, have been struggling to cope with changing consumer spending in favor of fast fashion and online retailers amid a battered retail sector seeing a spate of bankruptcies such as Aeropostale Inc and Wet Seal.
However, a bright spot for American Eagle has been its Aerie brand of lingerie, which was early to cash in on the popularity of bralettes - bras without padding and underwires, and has been a hit with millennials.
The company also said it benefitted from strong demand for its jeans, bottoms, women's apparel in the quarter.
"We are particularly encouraged by the progress made in categories like jeans where more emphasis on features like style and fit have helped to boost sales...early data suggest that American Eagle did well in denim over the key back-to-school period," Anthony Riva, an analyst at GlobalData Retail said.
The company, last month, also unveiled its new campaign to market its jeans ahead of the back-to-school season and cash in on the stretch and distressed jeans trend.
Comparable sales of the Aerie brand jumped 26 percent in the second quarter ended July 29, handily beating the 16.4 percent rise expected by analysts polled by Consensus Metrix.
The company's comparable sales rose 2 percent in the quarter, beating analysts' average estimate of a dip of 0.4 percent, according to research firm Consensus Metrix.
Excluding certain items, the company earned 19 cents per share, while net revenue rose 2.7 percent to $844.6 million.
Analysts on average had expected earnings of 16 cents per share and revenue of $824 million, according to Thomson Reuters I/B/E/S.
The company also said it incurred restructuring charges of $21 million in the second quarter, related to conversion of company-owned and operated stores in the United Kingdom, Hong Kong and China to licensed partnerships.
American Eagle also forecast third-quarter adjusted profit of 36 cents to 38 cents per share, largely below the analysts' average estimate of 38 cents. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)