WARRENDALE, Pa., Aug. 20 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the second quarter ended August 4, 2001.
Second Quarter Ended August 4, 2001
-- Net sales for the second quarter ended August 4, 2001 increased 40%
to $292.4 million from $209.0 million for the quarter ended July 29,
2000.
-- Sales for the second quarter ended August 4, 2001 included $21.2
million from the Bluenotes/Thriftys operation.
-- Comparable store sales increased 4.6% when compared to the same
period last year.
-- U.S. sales per average selling square foot increased 2.6% to $117 for
the second quarter ended August 4, 2001 from $114 last year.
-- Net income for the quarter increased to $15.3 million, or $0.21 per
share on a diluted basis, from net income of $2.8 million, or $0.04
per share on a diluted basis last year.
Year-to-Date For The Twenty-Six Weeks Ended August 4, 2001
-- Net sales for the twenty-six weeks ended August 4, 2001 increased
40.6% to $543.9 million from $387.0 million for the twenty-six week
period last year.
-- Sales for the twenty-six weeks ended August 4, 2001 included
$41.6 million from the Bluenotes/Thriftys operation.
-- Comparable store sales increased 6.2% when compared to the same
twenty-six week period last year.
-- U.S. sales per average selling square foot increased 1.8% to $222 for
the twenty-six weeks ended August 4, 2001 from $218 last year.
-- Net income for the period increased to $30.9 million, or $0.42 per
share on a diluted basis, compared to net income of $15.4 million, or
$0.21 per share on a diluted basis last year.
Roger Markfield, President of American Eagle Outfitters, commented, "We
are pleased with our second quarter results, especially in a difficult retail
environment. We feel that we are well-positioned with our inventory going
into the important back-to-school selling season, which reflects our planned
commitment to denim. In total, our increase in inventory accommodates our
plan of 45 new U.S. stores and 8 new AE Canada stores in the third quarter
compared to 28 new U.S. store openings in the third quarter of 2000. U.S.
inventories were up 14.5% at cost on a gross square foot basis, and excluding
our denim programs, inventory increased 4.1%, on a calendar shifted basis."
At 4:30 p.m. EDT, on August 20, 2001, the Company's management team will
host a conference call to review the financial results. To listen to the
call, dial 719-457-2679 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 6:30 p.m. EDT August 20, 2001
through August 27, 2001. To listen to the replay, dial 719-457-0820 and
reference confirmation code #572138.
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 593 American Eagle Outfitters stores in 47 states
and the District of Columbia, 39 American Eagle Outfitters stores in Canada,
and 110 Bluenotes/Thriftys stores in Canada. AE also operates via its
Internet business, ae.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward-looking statements, which represent
our expectations or beliefs concerning future events, specifically regarding
our position for the back to school season. All forward-looking statements
involve material risks and uncertainties and are subject to change based on
factors beyond our control. Such factors include, but are not limited to
those risks described in our filings with the Securities and Exchange
Commission and the risk that our back to school season may not be as
successful as anticipated. We do not undertake to publicly update or revise
its forward-looking statements even if experience or future changes make it
clear that any projected results expressed or implied therein will not be
realized.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited) (Unaudited)
August 4, February 3, July 29,
2001 2001 2000
ASSETS
Cash and cash equivalents $70,549 $133,446 $19,865
Short-term investments 4,948 27,927 46,390
Merchandise inventory 145,095 84,064 88,560
Other current assets 73,858 73,224 64,868
Total current assets 294,450 318,661 219,683
Property and equipment, net 235,660 183,373 122,075
Goodwill, net 24,625 26,123 8,211
Other assets, net 15,546 14,889 6,830
Total Assets $570,281 $543,046 $356,799
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $45,384 $42,038 $49,703
Accrued compensation and payroll
taxes 20,150 25,549 15,217
Accrued rent 23,495 22,577 17,481
Accrued income and other taxes 9,509 29,719 2,900
Current portion of note payable 4,204 4,300 -
Other current liabilities 18,879 24,964 7,840
Total current liabilities 121,621 149,147 93,141
Note Payable 22,229 24,889 -
Other non-current liabilities 1,321 1,315 1,636
Total non-current liabilities 23,550 26,204 1,636
Total stockholders' equity 425,110 367,695 262,022
Total Liabilities and
Stockholders' Equity $570,281 $543,046 $356,799
Current Ratio 2.42 2.14 2.36
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
August 4, July 29, August 4, July 29,
2001 2000 2001 2000
Net sales $292,392 $208,977 $543,940 $386,976
Cost of sales, including
certain buying, occupancy
and warehousing
expenses 184,403 145,387 334,081 253,330
Gross profit 107,989 63,590 209,859 133,646
Selling, general and
administrative expenses 75,284 55,016 144,899 101,723
Depreciation and
amortization 9,851 4,952 17,949 9,243
Operating income 22,854 3,622 47,011 22,680
Other income, net 876 948 1,845 2,661
Income before income taxes 23,730 4,570 48,856 25,341
Provision for income taxes 8,424 1,793 18,005 9,956
Net income $15,306 $2,777 $30,851 $15,385
Basic income per common
share $0.21 $0.04 $0.43 $0.22
Diluted income per common
share $0.21 $0.04 $0.42 $0.21
Weighted average common
shares outstanding
- basic 71,537 69,429 71,187 69,863
Weighted average common
shares outstanding
- diluted 74,586 71,366 74,185 72,305
Total square footage at
end of period:
American Eagle Outfitters
Stores - United States 2,798,113 2,344,975
American Eagle Outfitters
Stores - Canada 181,540 -
Thriftys/Bluenotes Stores
- Canada 332,984 -
Store count at end of
period:
American Eagle Outfitters
Stores - United States 586 513
American Eagle Outfitters
Stores - Canada 37 -
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/gh/cnoc/comp/104763.html
CONTACT:
Laura Weil or Judy Meehan of American Eagle
Outfitters, +1-724-776-4857
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