WARRENDALE, Pa., March 15 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the fourth quarter and year ended
February 3, 2001.
For the Fourteen Weeks Ended February 3, 2001, Compared to the Thirteen
Weeks Ended January 29, 2000:
-- Net sales increased 48.5% to $423.7 million from $285.4 million for
the quarter ended January 29, 2000.
-- Sales for the fourth quarter 2000 included $35.0 million from the
Thrifty's/Bluenotes operation.*
-- Sales for the fourth quarter 2000 included $13.6 million for the
additional week.
-- Comparable store sales increased 11.3% when comparing the same
fourteen-week period to last year.
-- Net income for the quarter increased to $49.1 million, or $0.68 per
share on a diluted basis, from net income of $37.1 million, or $0.51
per share on a diluted basis last year.
-- Diluted weighted average shares outstanding for the current quarter
were 72.7 million compared to 73.5 million outstanding for the prior
year quarter.
For The Fifty-Three Weeks Ended February 3, 2001, Compared to the Fifty-
Two Weeks Ended January 29, 2000:
-- Net sales increased 31.4% to $1,093.5 million from $832.1 million for
the fifty-two week period last year.
-- Sales for the fifty-three weeks ended February 3, 2001 included
$35.0 million from the Thrifty's/Bluenotes operation.*
-- Comparable store sales increased 5.8% when comparing the same fifty-
three week period to last year.
-- Net income for the period increased to $93.8 million, or $1.30 per
share on a diluted basis, compared to net income of $90.7 million, or
$1.24 per share on a diluted basis last year.
-- Diluted weighted average shares outstanding for the current year were
72.1 million compared to 73.1 million outstanding for the prior year.
All share amounts and earnings per share amounts were restated to reflect
the three-for-two stock split distributed on February 23, 2001.
*Consolidated results for the fourth quarter and fifty-three weeks ended
February 3, 2001, include the results from Thrifty's/Bluenotes, as well as
National Logistics Services, from the effective date of the acquisition,
October 28, 2000.
At 9:00 a.m. EST, on March 15th, the Company's management team will host a
conference call to review the financial results. To listen to the call, dial
719-457-2641 at least ten minutes prior to the start of the call. A replay
will be available from noon EST March 15th through March 22nd. To listen to
the replay, dial 719-457-0820 and reference confirmation code #709330. The
conference call will also be simultaneously broadcast over the internet at
http://www.ae.com.
Founded in 1977, the Company designs, markets, and sells its own 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. Thrifty's/Bluenotes targets a slightly younger
demographic, offering a more urban/suburban, denim-driven collection for 12 to
22 year olds. American Eagle Outfitters currently operates 558 American Eagle
Outfitters stores in 47 states and the District of Columbia, and 109
Thrifty's/Bluenotes stores in Canada. AE also operates via its Internet
business, ae.com.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
February 3, January 29,
2001 2000
ASSETS
Cash and cash equivalents $133,446 $76,581
Short-term investments 27,927 91,911
Merchandise inventory 84,064 60,375
Other current assets 73,224 33,695
Total current assets 318,661 262,562
Property and equipment, net 183,373 84,926
Goodwill, net 23,780 -
Other assets, net 17,232 7,140
Total Assets $543,046 $354,628
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $42,038 $30,700
Accrued compensation and payroll
taxes 25,549 21,307
Accrued rent 22,577 17,755
Accrued income and other taxes 29,719 7,927
Other current liabilities 29,264 10,736
Total current liabilities 149,147 88,425
Note Payable 24,889 -
Other non-current liabilities 1,315 1,702
Total non-current liabilities 26,204 1,702
Total stockholders' equity 367,695 264,501
Total Liabilities and
Stockholders' Equity $543,046 $354,628
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
14 Weeks 13 Weeks 53 Weeks 52 Weeks
Ended Ended Ended Ended
Feb. 3 Jan. 29 Feb. 3 Jan. 29
2001 2000 2001 2000
(unaudited)(unaudited)
Net sales $423,734 $285,425 $1,093,477 $832,104
Cost of sales, including
certain buying,
occupancy and
warehousing expenses 241,234 156,377 657,252 475,596
Gross profit 182,500 129,048 436,225 356,508
Selling, general and
administrative expenses 97,107 61,286 266,474 194,795
Depreciation and
amortization 8,248 3,769 23,200 12,199
Operating income 77,145 63,993 146,551 149,514
Other income (loss), net 2,402 (2,832) 6,249 (160)
Income before income taxes 79,547 61,161 152,800 149,354
Provision for income taxes 30,400 24,030 59,042 58,694
Net income $49,147 $37,131 $93,758 $90,660
Basic income per common
share $0.71 $0.53 $1.35 $1.30
Diluted income per common
share $0.68 $0.51 $1.30 $1.24
Weighted average common
shares outstanding - basic 69,701 69,879 69,652 69,555
Weighted average common
shares outstanding -
diluted 72,736 73,518 72,132 73,113
Total square footage at end
of period:
American Eagle Outfitters
Stores - United States 2,596,863 2,039,380
Thrifty's/Bluenotes Stores -
Canada 322,693 -
Store count at end of
period:
American Eagle Outfitters
Stores - United States 554 466
Thrifty's/Bluenotes Stores -
Canada 109 -
SOURCE American Eagle Outfitters, Inc.
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Related links:
http://www.ae.com
Company News On-Call:
http://www.prnewswire.com/comp/104763.html or fax,
800-758-5804, ext. 104763
CONTACT:
Laura Weil or Judy Meehan, 724-776-4857, both
of American Eagle Outfitters
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