WARRENDALE, Pa., March 6 /PRNewswire-FirstCall/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the fourth quarter and year ended
February 2, 2002.
For the Thirteen Weeks Ended February 2, 2002, Compared to the Fourteen
Weeks Ended February 3, 2001:
-- Net sales for the fourth quarter ended February 2, 2002 increased to
$464.3 million from $423.7 million for the quarter ended February 3,
2001.
-- Excluding sales from the additional week in the fourth quarter 2000,
net sales increased 14.9% for the quarter ended February 2, 2002.
-- Sales for the fourth quarter ended February 2, 2002 included $29.7
million from the Bluenotes/Thriftys operation.
-- U.S. comparable store sales decreased 2.1% when comparing the same
thirteen-week period to last year.
-- Net income for the quarter decreased to $43.9 million, or $0.60 per
share on a diluted basis, from net income of $49.1 million, or $0.68
per share on a diluted basis last year.
For the Fifty-Two Weeks Ended February 2, 2002, Compared to the
Fifty-Three weeks ended February 3, 2001:
-- Net sales for the fifty-two weeks ended February 2, 2002 increased to
$1,371.9 million from $1,093.5 million for the fifty-three week period
last year.
-- Excluding sales from the additional week in the fiscal 2000 period, net
sales increased 26.8% for the fifty-two weeks ended February 2, 2002.
-- Sales for the fifty-two weeks ended February 2, 2002 included $100.7
million from the Bluenotes/Thriftys operation.
-- U.S. comparable store sales increased 2.3% when comparing the same
fifty-two week period to last year.
-- Net income for the period increased to $105.5 million, or $1.43 per
share on a diluted basis, compared to net income of $93.8 million, or
$1.30 per share on a diluted basis last year.
At 9:00 a.m. EST, on March 6, 2002, the Company's management team will
host a conference call to review the financial results. To listen to the
call, dial 706-679-4813 at least ten minutes prior to the start of the call.
The conference call will also be simultaneously broadcast over the Internet at
http://www.ae.com. A replay will be available from 12 p.m. EST March 6, 2002 through
April 6, 2002. To listen to the replay, dial 1-800-642-1687 and reference
confirmation code # 2548354.
Founded in 1977, the Company designs, markets, and sells the American
Eagle brand of relaxed, clean, and versatile clothing for 16 to 34 year olds,
providing high-quality merchandise at affordable prices. AE's lifestyle
collection offers casual basics like cargos complemented by fashion looks in
stretch, denim, and other modern fabrications. The Company also operates the
Bluenotes/Thriftys specialty apparel chain in Canada. Bluenotes/Thriftys
offers an urban inspired, denim-driven collection for 12 to 22 year olds. The
Company currently operates 632 American Eagle Outfitters stores in 47 states
and the District of Columbia, 46 American Eagle Outfitters stores in Canada,
and 112 Bluenotes/Thriftys stores in Canada. AE also operates via its
Internet business, ae.com.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
February 2, February 3,
2002 2001
ASSETS
Cash and cash equivalents $180,398 $133,446
Short-term investments 45,085 27,927
Merchandise inventory 91,096 84,064
Other current assets 61,451 73,224
Total current assets 378,030 318,661
Property and equipment, net 257,731 183,373
Other assets, net 36,960 41,012
Total Assets $672,721 $543,046
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $39,067 $42,038
Accrued compensation and payroll
taxes 27,545 25,549
Accrued rent 29,779 22,577
Accrued income and other taxes 24,451 29,719
Current portion of note payable 4,044 4,300
Other current liabilities 25,056 24,964
Total current liabilities 149,942 149,147
Note Payable 19,361 24,889
Other non-current liabilities 1,366 1,315
Total non-current liabilities 20,727 26,204
Total stockholders' equity 502,052 367,695
Total Liabilities and
Stockholders' Equity $672,721 $543,046
Current Ratio 2.52 2.14
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
13 Weeks 14 Weeks 52 Weeks 53 Weeks
Ended Ended Ended Ended
February 2, February 3, February 2, February 3,
2002 2001 2002 2001
(Unaudited) (Unaudited)
Net sales $464,300 $423,734 $1,371,899 $1,093,477
Cost of sales, including
certain buying,
occupancy and
warehousing expenses 276,330 241,234 824,531 657,252
Gross profit 187,970 182,500 547,368 436,225
Selling, general and
administrative expenses 105,511 97,107 339,020 266,474
Depreciation and
amortization 12,523 8,248 41,875 23,200
Operating income 69,936 77,145 166,473 146,551
Other income, net 874 2,402 2,772 6,249
Income before income
taxes 70,810 79,547 169,245 152,800
Provision for income
taxes 26,908 30,400 63,750 59,042
Net income $43,902 $49,147 $105,495 $93,758
Basic income per common
share $0.61 $0.71 $1.47 $1.35
Diluted income per common
share $0.60 $0.68 $1.43 $1.30
Weighted average common
shares
outstanding - basic 71,869 69,701 71,529 69,652
Weighted average common
shares
outstanding -
diluted 73,558 72,736 73,797 72,132
Total square footage at
end of period:
American Eagle Outfitters
Stores - United States 3,106,629 2,596,863
American Eagle Outfitters
Stores - Canada 228,065 -
Bluenotes/Thriftys Stores
- Canada 353,469 322,693
Store count at end of
period:
American Eagle Outfitters
Stores - United States 632 554
American Eagle Outfitters
Stores - Canada 46 -
Bluenotes/Thriftys Stores
- Canada 112 109
SOURCE American Eagle Outfitters, Inc.
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Related links:
http://www.ae.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/104763.html
CONTACT:
Laura Weil or Judy Meehan, both of American
Eagle Outfitters, +1-724-776-4857
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