Fully Diluted EPS Increased to $0.42
WARRENDALE, Pa., Nov. 16 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its
consolidated financial results for the third quarter ended November 3, 2001.
Third Quarter Ended November 3, 2001
-- Net sales for the third quarter ended November 3, 2001 increased 28.6%
to $363.7 million from $282.8 million for the quarter ended
October 28, 2000.
-- Sales for the third quarter ended November 3, 2001 included
$29.4 million from the Bluenotes/Thriftys operation.
-- Comparable store sales increased 2.6% when compared to the same period
last year.
-- Net income for the quarter increased to $30.7 million, or $0.42 per
share on a diluted basis, from net income of $29.2 million, or $0.41
per share on a diluted basis last year.
Year-to-Date For The Thirty-Nine Weeks Ended November 3, 2001
-- Net sales for the thirty-nine weeks ended November 3, 2001 increased
35.5% to $907.6 million from $669.8 million for the thirty-nine week
period last year.
-- Sales for the thirty-nine weeks ended November 3, 2001 included
$70.9 million from the Bluenotes/Thriftys operation.
-- Comparable store sales increased 4.7% when compared to the same
thirty-nine week period last year.
-- Net income for the period increased to $61.6 million, or $0.83 per
share on a diluted basis, compared to net income of $44.6 million,
or $0.62 per share on a diluted basis last year.
At 9:00 a.m. EST, on November 16, 2001, the Company's management team will
host a conference call to review the financial results. To listen to the
call, dial 719-457-2633 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 12 p.m. EST November 16, 2001
through November 30, 2001. To listen to the replay, dial 719-457-0820 and
reference confirmation code # 438558.
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 631 American Eagle Outfitters stores in 47 states
and the District of Columbia, 46 American Eagle Outfitters stores in Canada,
and 112 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)
Nov. 3, Feb. 3, Oct. 28,
2001 2001 2000
ASSETS
Cash and cash equivalents $72,951 $133,446 $70,959
Short-term investments 11,853 27,927 28,230
Merchandise inventory 175,968 84,064 111,386
Other current assets 76,991 73,224 55,125
Total current assets 337,763 318,661 265,700
Property and equipment, net 251,172 183,373 140,321
Other assets, net 38,489 41,012 14,801
Total Assets $627,424 $543,046 $420,822
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $77,198 $42,038 $56,588
Accrued compensation and payroll
taxes 24,873 25,549 18,934
Accrued rent 28,522 22,577 20,193
Accrued income and other taxes 3,777 29,719 18,738
Current portion of note payable 4,040 4,300 -
Other current liabilities 15,258 24,964 9,873
Total current liabilities 153,668 149,147 124,326
Note Payable 20,352 24,889 -
Other non-current liabilities 1,500 1,315 1,452
Total non-current liabilities 21,852 26,204 1,452
Total stockholders' equity 451,904 367,695 295,044
Total Liabilities and
Stockholders' Equity $627,424 $543,046 $420,822
Current Ratio 2.20 2.14 2.14
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Nov. 3, Oct. 28, Nov. 3, Oct. 28,
2001 2000 2001 2000
Net sales $363,659 $282,767 $907,599 $669,743
Cost of sales, including
certain buying,
occupancy and
warehousing expenses 214,120 162,688 548,201 416,018
Gross profit 149,539 120,079 359,398 253,725
Selling, general and
administrative expenses 88,610 67,644 233,509 169,367
Depreciation and
amortization 11,403 5,709 29,352 14,952
Operating income 49,526 46,726 96,537 69,406
Other income, net 53 1,186 1,898 3,847
Income before income taxes 49,579 47,912 98,435 73,253
Provision for income taxes 18,837 18,686 36,842 28,642
Net income $30,742 $29,226 $61,593 $44,611
Basic income per common
share $0.43 $0.42 $0.86 $0.64
Diluted income per common
share $0.42 $0.41 $0.83 $0.62
Weighted average common
shares
outstanding - basic 71,891 69,173 71,416 69,633
Weighted average common
shares
outstanding - diluted 73,455 71,496 73,880 72,021
Total square footage at
end of period:
American Eagle Outfitters
Stores - United States 3,055,130 2,518,696
American Eagle Outfitters
Stores - Canada 228,065 -
Bluenotes/Thriftys Stores
- Canada 345,896 -
Store count at end of
period:
American Eagle Outfitters
Stores - United States 630 541
American Eagle Outfitters
Stores - Canada 46 -
Bluenotes/Thriftys Stores
- Canada 112 -
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, +1-724-776-4857,
both of American Eagle Outfitters
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