WARRENDALE, Pa., Aug. 16 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the second quarter ended July 29, 2000.
Second Quarter Ended July 29, 2000
-- Net sales increased 17.0% to $209.0 million from $178.6 million for
the quarter ended July 31, 1999.
-- Comparable store sales decreased 2.9% when comparing the same thirteen
week period to last year.
-- Net income for the quarter decreased to $2.8 million, or $0.06 per
share on a diluted basis, from net income of $16.9 million, or $0.35
per share on a diluted basis, last year.
-- Diluted weighted average shares outstanding for the current quarter
were 47.6 million compared to 48.7 million outstanding for the prior
quarter.
Year-to-Date For The Twenty-Six Weeks Ended July 29, 2000
-- Net sales increased 19.4% to $387.0 million from $324.0 million for
the twenty-six week period last year.
-- Comparable store sales increased 0.2% when comparing the same twenty-
six week period to last year.
-- Net income for the period decreased to $15.4 million, or $0.32 per
share on a diluted basis, compared to net income of $29.2 million, or
$0.60 per share on a diluted basis last year.
-- Diluted weighted average shares outstanding for the current year were
48.2 million compared to 48.6 million outstanding for the prior year.
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 jeans, cargos, and T-shirts,
providing high quality merchandise at affordable prices. The Company
currently operates 518 stores in 46 states and the District of Columbia.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited) (Unaudited)
July 29, January 29, July 31,
2000 2000 1999
ASSETS
Cash and cash equivalents $19,865 $76,581 $49,099
Short-term investments 46,390 91,911 21,797
Merchandise inventory 88,560 60,375 74,363
Other current assets 64,868 33,695 41,876
Total current assets 219,683 262,562 187,135
Fixed assets, net 122,075 84,926 68,241
Other assets 15,041 7,140 8,306
Total Assets $356,799 $354,628 $263,682
Liabilities and Stockholders' Equity
Accounts payable $49,703 $30,700 $29,801
Accrued compensation and payroll
taxes 15,217 21,307 15,587
Accrued rent 17,481 17,755 14,745
Accrued income taxes and other
taxes 2,900 7,927 2,211
Other current liabilities 7,840 10,736 7,938
Total current liabilities 93,141 88,425 70,282
Total long-term liabilities 1,636 1,702 -
Total stockholders' equity 262,022 264,501 193,400
Total Liabilities
and Stockholders' Equity $356,799 $354,628 $263,682
Current Ratio 2.36 2.97 2.66
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
July 29, July 31, July 29, July 31,
2000 1999 2000 1999
Net sales $208,977 $178,582 $386,976 $323,986
Cost of sales,
including certain
buying, occupancy
and warehousing
expense 145,387 105,993 253,330 192,370
Gross profit 63,590 72,589 133,646 131,616
Selling, general and
administrative
expenses 55,016 42,693 101,723 79,801
Depreciation
and amortization 4,952 2,753 9,243 5,237
Operating income 3,622 27,143 22,680 46,578
Investment income, net 948 785 2,661 1,519
Income before income
taxes 4,570 27,928 25,341 48,097
Provision for income
taxes 1,793 10,979 9,956 18,905
Net income $2,777 $16,949 $15,385 $29,192
Basic income per
common share $0.06 $0.36 $0.33 $0.63
Diluted income per
common share $0.06 $0.35 $0.32 $0.60
Weighted average
common shares
outstanding - basic 46,286 46,458 46,575 46,218
Weighted average
common shares
outstanding - diluted 47,577 48,682 48,203 48,559
Number of stores
open at end of period 513 426
Total square footage
at end of period 2,344,975 1,817,938
Number of new store
openings, net of closings 22 25 47 40
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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