WARRENDALE, Pa., Nov. 14 /PRNewswire-FirstCall/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the third quarter ended November 2, 2002:
Third Quarter Ended November 2, 2002
* Total sales increased 3.0% to $374.5 million from $363.7 million for the
quarter ended November 3, 2001.
* Sales for the third quarter 2002 included $21.7 million from the
Bluenotes/Thriftys operation, compared to $29.4 million for the
corresponding period last year.
* Comparable store sales for the American Eagle Outfitters stores declined
5.2% for the quarter ended November 2, 2002.
* Consolidated comparable store sales, which include American Eagle and
Bluenotes/Thriftys stores, decreased 7.0% when compared to the
corresponding period last year.
* Net income for the quarter decreased to $27.1 million, or $0.37 per
share on a diluted basis, from net income of $30.7 million, or $0.42 per
share on a diluted basis last year.
Year-to-Date for the Thirty-Nine Weeks Ended November 2, 2002
* Total sales increased 7.0% to $971.6 million from $907.6 million for the
thirty-nine weeks ended November 3, 2001.
* Sales for the thirty-nine weeks ended November 2, 2002 included
$58.0 million from the Bluenotes/Thriftys operation, compared to
$70.9 million for the corresponding period last year.
* Comparable store sales for the American Eagle Outfitters stores declined
5.0% when compared to the same thirty-nine week period last year.
* Consolidated comparable store sales, which include American Eagle and
Bluenotes/Thriftys stores, decreased 6.2% when compared to the
corresponding period last year.
* Net income for the period decreased to $49.9 million, or $0.68 per share
on a diluted basis, from net income of $61.6 million, or $0.83 per share
on a diluted basis last year.
At 9:00 a.m. EST, on November 14, 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 1:00 p.m. EST November
14th through November 30th. To listen to the replay, dial 1-800-642-1687 and
reference confirmation code #6217908. An audio replay of the conference call
will also be available at http://www.ae.com until February 25, 2003.
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 694 AE stores in 48 states and the
District of Columbia, 56 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)
November 2, February 2, November 3,
2002 2002 2001
ASSETS
Cash and cash equivalents $115,396 $180,398 $72,951
Short-term investments 57,576 45,085 11,853
Merchandise inventory 181,916 91,096 175,968
Other current assets 69,344 61,451 76,991
Total current assets 424,232 378,030 337,763
Property and equipment, net 270,283 257,731 251,172
Goodwill, net 23,966 23,966 25,039
Other assets, net 22,626 12,994 13,450
Total Assets $741,107 $672,721 $627,424
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $94,151 $39,067 $77,198
Accrued compensation
and payroll taxes 19,093 27,545 24,873
Accrued rent 26,998 29,779 28,522
Accrued income and other taxes 8,277 24,451 3,777
Current portion of note payable 8,929 4,044 4,040
Other current liabilities 18,616 25,056 15,258
Total current liabilities 176,064 149,942 153,668
Note Payable 16,663 19,361 20,352
Other non-current liabilities 8,837 1,366 1,500
Total non-current liabilities 25,500 20,727 21,852
Total stockholders' equity 539,543 502,052 451,904
Total Liabilities and
Stockholders' Equity $741,107 $672,721 $627,424
Current Ratio 2.41 2.52 2.20
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
November 2, November 3, November 2, November 3,
2002 2001 2002 2001
Net sales $374,471 $363,659 $971,587 $907,599
Cost of sales, including
certain buying, occupancy
and warehousing expenses 228,164 214,120 605,507 548,201
Gross profit 146,307 149,539 366,080 359,398
Selling, general and
administrative expenses 89,845 88,610 249,138 233,509
Depreciation and amortization 12,969 11,403 37,414 29,352
Operating income 43,493 49,526 79,528 96,537
Other income, net 284 53 1,141 1,898
Income before income taxes 43,777 49,579 80,669 98,435
Provision for income taxes 16,716 18,837 30,810 36,842
Net income $27,061 $30,742 $49,859 $61,593
Basic income
per common share $0.38 $0.43 $0.69 $0.86
Diluted income
per common share $0.37 $0.42 $0.68 $0.83
Weighted average common
shares outstanding - basic 71,559 71,891 71,901 71,416
Weighted average common
shares outstanding - diluted 72,405 73,455 73,088 73,880
Total square footage
at end of period:
American Eagle
Outfitters Stores 3,743,677 3,312,004
Bluenotes/Thriftys Stores 352,210 345,896
Store count at end of period:
American Eagle
Outfitters Stores 743 676
Bluenotes/Thriftys Stores 111 112
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
CONTACT:
Laura Weil or Judy Meehan, both of American
Eagle Outfitters, Inc., +1-724-776-4857
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