WARRENDALE, Pa., Aug. 15 /PRNewswire-FirstCall/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the second quarter ended August 3, 2002:
Second Quarter Ended August 3, 2002
-- Total sales increased 9.2% to $319.2 million from $292.4 million for
the quarter ended August 4, 2001.
-- Sales for the second quarter 2002 included $18.8 million from the
Bluenotes/Thriftys operation, compared to $21.2 million for the
corresponding period last year.
-- Comparable store sales for the American Eagle Outfitters stores
declined 4.8% for the quarter ended August 3, 2002.
-- Consolidated comparable store sales, which include American Eagle and
Bluenotes/Thriftys stores, decreased 5.5% when compared to the
corresponding period last year.
-- Net income for the quarter decreased to $10.1 million, or $0.14 per
share on a diluted basis, from net income of $15.3 million, or $0.21
per share on a diluted basis last year.
Year-to-Date for the Twenty-Six Weeks Ended August 3, 2002
-- Total sales increased 9.8% to $597.1 million from $543.9 million for
the twenty-six weeks ended August 4, 2001.
-- Sales for the twenty-six weeks ended August 3, 2002 included $36.3
million from the Bluenotes/Thriftys operation, compared to $41.6
million for the corresponding period last year.
-- Comparable store sales for the American Eagle Outfitters stores
declined 4.9% when compared to the same twenty-six week period last
year.
-- Consolidated comparable store sales, which include American Eagle and
Bluenotes/Thriftys stores, decreased 5.7% when compared to the
corresponding period last year.
-- Net income for the period decreased to $22.8 million, or $0.31 per
share on a diluted basis, from net income of $30.9 million, or $0.42
per share on a diluted basis last year.
* * * *
At 9:00 a.m. EDT, on August 15, 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 noon EDT August 15th through
August 31st. To listen to the replay, dial 1-800-642-1687 and reference
confirmation code #3282124. An audio replay of the conference call will also
be available at http://www.ae.com until November 14th.
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 664 AE stores in 48 states and the
District of Columbia, 51 AE 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)
August 3, February 2, August 4,
2002 2002 2001
ASSETS
Cash and cash equivalents $109,246 $180,398 $70,549
Short-term investments 67,756 45,085 4,948
Merchandise inventory 148,781 91,096 145,095
Other current assets 67,490 61,451 73,858
Total current assets 393,273 378,030 294,450
Property and equipment, net 263,989 257,731 235,660
Goodwill, net 23,966 23,966 24,625
Other assets, net 20,512 12,994 15,546
Total Assets $701,740 $672,721 $570,281
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $80,063 $39,067 $45,384
Accrued compensation and payroll
taxes 16,452 27,545 20,150
Accrued rent 26,387 29,779 23,495
Accrued income and other taxes 1,557 24,451 9,509
Current portion of note payable 8,780 4,044 4,204
Other current liabilities 20,059 25,056 18,879
Total current liabilities 153,298 149,942 121,621
Note Payable 17,400 19,361 22,229
Other non-current liabilities 7,021 1,366 1,321
Total non-current liabilities 24,421 20,727 23,550
Total stockholders' equity 524,021 502,052 425,110
Total Liabilities and
Stockholders' Equity $701,740 $672,721 $570,281
Current Ratio 2.57 2.52 2.42
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
August 3, August 4, August 3, August 4,
2002 2001 2002 2001
Net sales $319,223 $292,392 $597,116 $543,940
Cost of sales, including
certain buying,
occupancy and
warehousing expenses 209,469 184,403 377,343 334,081
Gross profit 109,754 107,989 219,773 209,859
Selling, general and
administrative expenses 81,154 75,284 159,293 144,899
Depreciation and
amortization 12,487 9,851 24,445 17,949
Operating income 16,113 22,854 36,035 47,011
Other income, net 196 876 857 1,845
Income before income taxes 16,309 23,730 36,892 48,856
Provision for income taxes 6,229 8,424 14,094 18,005
Net income $10,080 $15,306 $22,798 $30,851
Basic income per common
share $0.14 $0.21 $0.32 $0.43
Diluted income per common
share $0.14 $0.21 $0.31 $0.42
Weighted average common
shares outstanding - basic 72,119 71,537 72,075 71,187
Weighted average common
shares
outstanding - diluted 73,265 74,586 73,427 74,185
Total square footage at
end of period:
American Eagle Outfitters
Stores 3,552,195 2,979,653
Bluenotes/Thriftys Stores 352,210 332,984
Store count at end of
period:
American Eagle Outfitters
Stores 711 623
Bluenotes/Thriftys Stores 111 110
SOURCE American Eagle Outfitters, Inc.
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