WARRENDALE, Pa., Nov. 16 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the third quarter ended October 28, 2000.
Third Quarter Ended October 28, 2000
-- Net sales increased 27.0% to $282.8 million from $222.7 million for
the quarter ended October 30, 1999.
-- Comparable store sales increased 6.8% when comparing the same
thirteen week period to last year.
-- Net income for the quarter increased to $29.2 million, or $0.61 per
share on a diluted basis, from net income of $24.3 million, or $0.50
per share on a diluted basis last year.
-- Diluted weighted average shares outstanding for the current quarter
were 47.7 million compared to 49.0 million outstanding for the prior
quarter.
Year-to-Date For The Thirty-Nine Weeks Ended October 28, 2000
-- Net sales increased 22.5% to $669.8 million from $546.7 million for
the thirty-nine week period last year.
-- Comparable store sales increased 2.9% when comparing the same thirty-
nine week period to last year.
-- Net income for the period decreased to $44.6 million, or $0.93 per
share on a diluted basis, compared to net income of $53.5 million,
or $1.10 per share on a diluted basis last year.
-- Diluted weighted average shares outstanding for the current year were
48.0 million compared to 48.7 million outstanding for the prior
year.
At 9:00 a.m. EST, on November 16th the Company's management team will host
a conference call to review the financial results. To listen to the call, dial
719-457-2637 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.vcall.com/NASApp/VCall/EventPage?ID=51228 and http://www.ae.com.
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 553 stores in 47 states and the District of Columbia.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited) (Unaudited)
October 28, January 29, October 30,
2000 2000 1999
ASSETS
Cash and cash equivalents $70,959 $76,581 $52,028
Short-term investments 28,230 91,911 63,826
Merchandise inventory 111,386 60,375 81,912
Other current assets 55,125 33,695 31,944
Total current assets 265,700 262,562 229,710
Fixed assets, net 140,321 84,926 78,285
Other assets 14,801 7,140 7,508
Total Assets $420,822 $354,628 $315,503
Liabilities and
Stockholders' Equity
Accounts payable $56,588 $30,700 $39,396
Accrued compensation
and payroll taxes 18,934 21,307 18,396
Accrued rent 20,193 17,755 18,015
Accrued income taxes
and other taxes 18,738 7,927 7,279
Other current liabilities 9,873 10,736 9,569
Total current liabilities 124,326 88,425 92,655
Total long-term liabilities 1,452 1,702 -
Total stockholders' equity 295,044 264,501 222,848
Total Liabilities and
Stockholders' Equity $420,822 $354,628 $315,503
Current Ratio 2.14 2.97 2.48
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Oct. 28, Oct. 30, Oct. 28, Oct. 30,
2000 1999 2000 1999
Net sales $282,767 $222,693 $669,743 $546,679
Cost of sales,
including certain buying,
occupancy and
warehousing expense 162,688 126,849 416,018 319,220
Gross profit 120,079 95,844 253,725 227,459
Selling, general
and administrative
expenses 67,644 53,708 169,367 133,509
Depreciation and
amortization 5,709 3,193 14,952 8,430
Operating income 46,726 38,943 69,406 85,520
Investment income, net 1,186 1,153 3,847 2,672
Income before
income taxes 47,912 40,096 73,253 88,192
Provision for
income taxes 18,686 15,759 28,642 34,663
Net income $29,226 $24,337 $44,611 $53,529
Basic income per
common share $0.63 $0.52 $0.96 $1.16
Diluted income per
common share $0.61 $0.50 $0.93 $1.10
Weighted average
common shares
outstanding - basic 46,115 46,562 46,422 46,332
Weighted average
common shares
outstanding - diluted 47,664 49,007 48,014 48,682
Number of stores open
at end of period 541 457
Total square footage
at end of period 2,518,696 1,990,400
Number of new store
openings, net of closings 28 31 75 71
SOURCE American Eagle Outfitters, Inc.
 back to top
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
|
