WARRENDALE, Pa., Feb. 29 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the fourth quarter and year ended
January 29, 2000.
Fourth Quarter Ended January 29, 2000
-- Net sales increased 33.9% to $285.4 million from $213.1 million for
the quarter ended January 30, 1999.
-- Comparable store sales increased 14.4% when comparing the same
thirteen-week period to last year.
-- Net income for the quarter increased 49.2% to $37.1 million, or
$0.76 per share on a diluted basis, from net income of
$24.9 million, or $0.52 per share on a diluted basis, last year.
-- Diluted weighted average shares outstanding for the current quarter
were 49.0 million compared to 48.3 million outstanding for the prior
quarter.
Year-to-Date For The Fifty-Two Weeks Ended January 29, 2000
-- Net sales increased 41.6% to $832.1 million from $587.6 million for
the fifty-two week period last year.
-- Comparable store sales increased 20.9% when comparing the same
fifty-two week period to last year.
-- Net income for the year increased 67.5% to $90.7 million, or
$1.86 per share on a diluted basis, compared to net income of
$54.1 million, or $1.13 per share on a diluted basis last year.
-- Diluted weighted average shares outstanding for the current year
were 48.7 million compared to 48.0 million outstanding for the prior
year.
"Our fourth quarter financial results marked the 11th consecutive quarter
of record breaking sales and earnings," said George Kolber, Vice Chairman and
Chief Operating Officer. "We are enthusiastic about our growth prospects for
this year, which include opening 90 new stores. We are optimistic that our
fashion-right merchandise, affordable pricing and powerful marketing will lead
to strong financial results again in 2000."
American Eagle Outfitters, Inc. is a specialty retailer of all-American,
casual apparel, accessories, and footwear for men and women between the ages
of 16 and 34. The Company designs, markets, and sells its own brand of
versatile, relaxed, and timeless classics like AE dungarees, khakis, and
T-shirts, providing high quality merchandise at affordable prices. The
Company currently operates 469 stores in 45 states and the District of
Columbia.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward-looking statements, which represent the
Company's expectations or beliefs concerning future events, specifically,
regarding new store openings and 2000 profits. All forward-looking statements
made by the Company involve material risks and uncertainties and are subject
to change based on factors beyond the Company's control. Such factors
include, but are not limited to the risk that the Company may not open as many
stores as planned, that the Company's annual financial plans may not be
achieved, and those other risks described in the Company's filings with the
Securities and Exchange Commission. Accordingly, the Company's future
performance and financial results may differ materially from those expressed
or implied in any such forward-looking statements. The Company does not
undertake to publicly update or revise its forward-looking statements even if
experience or future changes make it clear that any projected results
expressed or implied therein will not be realized.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
January 29, January 30,
2000 1999
ASSETS
Cash and cash equivalents $76,581 $71,940
Short-term investments 91,911 13,360
Merchandise inventory 60,375 49,688
Other current assets 33,695 19,516
Total current assets 262,562 154,504
Fixed assets, net 84,926 53,370
Other assets 7,140 3,074
Total Assets $354,628 $210,948
Liabilities and Stockholders' Equity
Accounts payable $30,700 $18,551
Accrued compensation and payroll taxes 21,307 17,739
Accrued rent 17,755 13,042
Accrued income taxes and other taxes 7,927 3,208
Other current liabilities 10,736 7,211
Total current liabilities 88,425 59,751
Total long-term liabilities 1,702 -
Total stockholders' equity 264,501 151,197
Total Liabilities and
Stockholders' Equity $354,628 $210,948
Current Ratio 2.97 2.59
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
January 29, January 30, January 29, January 30,
2000 1999 2000 1999
(Unaudited) (Unaudited)
Net sales $285,425 $213,107 $832,104 $587,600
Cost of sales,
including certain
buying, occupancy and
warehousing expense 156,377 125,296 475,596 353,089
Gross profit 129,048 87,811 356,508 234,511
Selling, general and
administrative
expenses 61,286 44,656 194,795 138,847
Depreciation and
amortization expense 3,769 2,410 12,199 8,611
Operating income 63,993 40,745 149,514 87,053
Investment income
(expense), net (2,832) 760 (160) 2,436
Income before
income taxes 61,161 41,505 149,354 89,489
Provision for
income taxes 24,030 16,616 58,694 35,371
Net income $37,131 $24,889 $90,660 $54,118
Basic earnings
per common share $0.80 $0.55 $1.96 $1.20
Diluted earnings
per common share $0.76 $0.52 $1.86 $1.13
Weighted average
common shares
outstanding - basic 46,586 45,633 46,370 45,281
Weighted average
common shares
outstanding - diluted 49,012 48,276 48,742 47,952
Number of store open
at end of period - - 466 386
Total square footage
at end of period - - 2,039,380 1,624,933
Number of new store
openings, net
of closings 9 14 80 54
SOURCE American Eagle Outfitters, Inc.
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Related links:
http://www.ae-outfitters.com
Company News On-Call:
http://www.prnewswire.com/comp/104763.html or fax,
800-758-5804, ext. 104763
CONTACT:
George Kolber, Laura Weil or Judy Meehan, of
American Eagle Outfitters, 724-776-4857
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