WARRENDALE, Pa., May 24 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the first quarter ended May 5, 2001.
For the First Quarter Ended May 5, 2001:
-- Net sales increased 41.3% to $251.5 million from $178.0 million for the
quarter ended April 29, 2000.
-- Sales for the first quarter 2001 included $20.4 million from the
Bluenotes/Thriftys operation.
-- Comparable store sales increased 8.2% when compared to the same period
last year.
-- Net income for the quarter increased to $15.5 million, or $0.21 per
share on a diluted basis, from net income of $12.6 million, or $0.17
per share on a diluted basis last year.
-- Diluted weighted average shares outstanding for the current quarter
were 73.7 million compared to 72.9 million outstanding for the prior
year quarter.
At 9:00 a.m. EST, on May 24, 2001, the Company's management team will host
a conference call to review the financial results. To listen to the call, dial
719-457-2649 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 24th through May
31st. To listen to the replay, dial 719-457-0820 and reference confirmation
code #741449.
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 573 American Eagle Outfitters stores in 47 states
and the District of Columbia, 12 American Eagle Outfitters stores in Canada,
and 111 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 5, February 3, April 29,
2001 2001 2000
ASSETS
Cash and cash equivalents $113,865 $133,446 $34,004
Short-term investments 10,145 27,927 63,964
Merchandise inventory 103,732 84,064 81,813
Other current assets 77,480 73,224 46,792
Total current assets 305,222 318,661 226,573
Property and equipment, net 201,830 183,373 105,774
Goodwill, net 26,416 26,123 8,353
Other assets, net 17,315 14,889 7,812
Total Assets $550,783 $543,046 $348,512
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $42,823 $42,038 $36,758
Accrued compensation and payroll
taxes 25,331 25,549 12,008
Accrued rent 22,505 22,577 16,625
Accrued income and other taxes 15,294 29,719 -
Current portion of note payable 4,189 4,300 -
Other current liabilities 21,538 24,964 7,875
Total current liabilities 131,680 149,147 73,266
Note Payable 23,002 24,889 -
Other non-current liabilities 1,090 1,315 1,617
Total non-current liabilities 24,092 26,204 1,617
Total stockholders' equity 395,011 367,695 273,629
Total Liabilities and
Stockholders' Equity $550,783 $543,046 $348,512
Current Ratio 2.32 2.14 3.09
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
May 5, April 29,
2001 2000
Net sales $251,548 $177,999
Cost of sales, including certain
buying,
occupancy and warehousing
expenses 149,678 107,943
Gross profit 101,870 70,056
Selling, general and
administrative expenses 69,615 46,707
Depreciation and amortization 8,098 4,291
Operating income 24,157 19,058
Other income, net 969 1,713
Income before income taxes 25,126 20,771
Provision for income taxes 9,581 8,163
Net income $15,545 $12,608
Basic income per common share $0.22 $0.18
Diluted income per common share $0.21 $0.17
Weighted average common shares
outstanding - basic 70,838 70,292
Weighted average common shares
outstanding - diluted 73,726 72,920
Total square footage at end of
period:
American Eagle Outfitters Stores
- United States 2,711,153 2,193,822
American Eagle Outfitters Stores
- Canada 5,798 -
Thriftys/Bluenotes Stores -
Canada 327,952 -
Store count at end of period:
American Eagle Outfitters Stores
- United States 571 491
American Eagle Outfitters Stores
- Canada 1 -
Thriftys/Bluenotes Stores -
Canada 110 -
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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