WARRENDALE, Pa., May 16 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the first quarter ended April 29, 2000.
First Quarter Ended April 29, 2000
-- Net sales increased 22.4% to $178.0 million from $145.4 million for
the quarter ended May 1, 1999.
-- Comparable store sales increased 3.9% when comparing the same
thirteen-week period to last year.
-- Net income for the quarter increased 3.0% to $12.6 million, or $0.26
per share on a diluted basis, from net income of $12.2 million, or
$0.25 per share on a diluted basis, last year.
-- Diluted weighted average shares outstanding for the current quarter
were 48.6 million compared to 48.4 million outstanding for the prior
quarter.
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 492 stores in 46 states and the District of
Columbia.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
April 29, January 29,
2000 2000
ASSETS
Cash and cash equivalents $34,004 $76,581
Short-term investments 63,964 91,911
Merchandise inventory 81,813 60,375
Other current assets 46,792 33,695
Total current assets 226,573 262,562
Fixed assets, net 105,774 84,926
Other assets 16,165 7,140
Total Assets $348,512 $354,628
Liabilities and Stockholders' Equity
Accounts payable $36,758 $30,700
Accrued compensation and payroll taxes 12,008 21,307
Accrued rent 16,625 17,755
Accrued income taxes and other taxes - 7,927
Other current liabilities 7,875 10,736
Total current liabilities 73,266 88,425
Total long-term liabilities 1,617 1,702
Total stockholders' equity 273,629 264,501
Total Liabilities and Stockholders' Equity $348,512 $354,628
Current Ratio 3.09 2.97
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
April 29, May 1,
2000 1999
Net sales $177,999 $145,404
Cost of sales, including certain buying,
occupancy and warehousing expense 107,943 86,377
Gross profit 70,056 59,027
Selling, general and administrative expenses 46,707 37,108
Depreciation and amortization expense 4,291 2,484
Operating income 19,058 19,435
Investment income, net 1,713 734
Income before income taxes 20,771 20,169
Provision for income taxes 8,163 7,926
Net income $12,608 $12,243
Basic earnings per common share $0.27 $0.27
Diluted earnings per common share $0.26 $0.25
Weighted average common shares
outstanding - basic 46,861 45,977
Weighted average common shares
outstanding - diluted 48,613 48,358
Number of stores open at end of period 491 401
Total square footage at end of period 2,193,822 1,675,652
Number of new store openings, net of closings 25 15
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 or Laura Weil, of American
Eagle Outfitters, 724-776-4857
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