WARRENDALE, Pa., May 16 /PRNewswire-FirstCall/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the first quarter ended May 4, 2002:
-- Total sales increased 10.5% to $277.9 million from $251.5 million for
the quarter ended May 5, 2001.
-- Sales for the first quarter 2002 included $17.5 million from the
Bluenotes/Thriftys operation, compared to $20.4 million for the
corresponding period last year.
-- Comparable store sales for the American Eagle Outfitters stores
declined 5.0% for the quarter ended May 4, 2002.
-- Consolidated comparable store sales, which include American Eagle and
Bluenotes/Thriftys stores, decreased 6.1% when compared to the
corresponding period last year.
-- Net income for the quarter decreased to $12.7 million, or $0.17 per
share on a diluted basis, from net income of $15.5 million, or $0.21
per share on a diluted basis last year.
At 9:00 a.m. EDT, on May 16, 2002, the Company's management team will host
a conference call to review the financial results. To listen to the call, dial
877-601-0864 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 noon EST May 16th through May
31st. To listen to the replay, dial 1-800-642-1687 and reference confirmation
code #3916104. An audio replay of the conference call will also be available
at http://www.ae.com until August 15th.
American Eagle Outfitters is a leading lifestyle retailer that designs,
markets and sells its own brand of relaxed, versatile clothing for 16 to 34
year-olds, providing high-quality merchandise at affordable prices. AE's
lifestyle collection includes casual basics like khakis, cargos, and jeans;
fashion tops like rugbys, polos, and graphic T's; and functional items like
swimwear, outerwear, footwear, and accessories. AE's Canadian subsidiary,
Bluenotes/Thriftys, targets a slightly younger demographic, offering a more
urban/suburban, denim-driven collection for 12 to 22 year-olds. American Eagle
Outfitters currently operates 646 AE stores in 48 states and the District of
Columbia, 46 AE 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)
(Unaudited) (Unaudited)
May 4, February 2, May 5,
2002 2002 2001
ASSETS
Cash and cash equivalents $120,054 $180,398 $113,865
Short-term investments 62,377 45,085 10,145
Merchandise inventory 114,183 91,096 103,732
Other current assets 80,383 61,451 77,480
Total current assets 376,997 378,030 305,222
Property and equipment, net 262,959 257,731 201,830
Goodwill, net 23,966 23,966 26,416
Other assets, net 20,641 12,994 17,315
Total Assets $684,563 $672,721 $550,783
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $70,644 $39,067 $42,823
Accrued income taxes and other
expenses 40,416 81,775 63,130
Current portion of note payable 4,112 4,044 4,189
Other current liabilities 29,042 25,056 21,538
Total current liabilities 144,214 149,942 131,680
Note Payable 18,662 19,361 22,420
Other non-current liabilities 4,188 1,366 1,672
Total non-current liabilities 22,850 20,727 24,092
Total stockholders' equity 517,499 502,052 395,011
Total Liabilities and
Stockholders' Equity $684,563 $672,721 $550,783
Current Ratio 2.61 2.52 2.32
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
May 4, May 5,
2002 2001
Net sales $277,893 $251,548
Cost of sales, including certain
buying,
occupancy and warehousing
expenses 167,874 149,678
Gross profit 110,019 101,870
Selling, general and
administrative expenses 78,139 69,615
Depreciation and amortization 11,958 8,098
Operating income 19,922 24,157
Other income, net 661 969
Income before income taxes 20,583 25,126
Provision for income taxes 7,865 9,581
Net income $12,718 $15,545
Basic income per common share $0.18 $0.22
Diluted income per common share $0.17 $0.21
Weighted average common shares
outstanding - basic 72,036 70,838
Weighted average common shares
outstanding - diluted 73,714 73,726
Total gross square footage at
end of period:
American Eagle Outfitters Stores
- United States 3,185,868 2,711,153
American Eagle Outfitters Stores
- Canada 228,065 5,798
Bluenotes/Thriftys Stores -
Canada 354,853 327,952
Store count at end of period:
American Eagle Outfitters Stores
- United States 643 571
American Eagle Outfitters Stores
- Canada 46 1
Bluenotes/Thriftys Stores -
Canada 112 110
SOURCE American Eagle Outfitters
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