Same Store Sales Were Flat to Last Year
Narrows
Second Quarter EPS Guidance
PITTSBURGH, Aug 05, 2010 (BUSINESS WIRE) --
American Eagle Outfitters, Inc. (NYSE: AEO) today announced that total
sales for the four weeks ended July 31, 2010 increased 2% to $219
million, compared to $215 million for the four weeks ended August 1,
2009. Comparable store sales were flat for the month, compared to an 11%
decrease for the same period last year.
Total sales for the second quarter ended July 31, 2010 increased 1% to
$662 million, compared to $658 million for the quarter ended August 1,
2009. Comparable store sales decreased 1% for the quarter compared to a
10% decline for the same period last year.
Total sales for the 26 week year-to-date period ended July 31, 2010
increased 4% to $1.322 billion, compared to $1.270 billion for the 26
weeks ended August 1, 2009. Comparable store sales increased 2% for the
year-to-date period compared to a 10% decline for the same period last
year.
Management expects second quarter adjusted earnings to be in the range
of $0.12 to $0.13 per diluted share, which is consistent with the
previous guidance that EPS would be on the low end of $0.12 to $0.16 per
diluted share. On a GAAP basis, the second quarter guidance range is
($0.01) to $0.00 per diluted share and includes estimated closing
charges and an operating loss related to MARTIN+OSA of approximately
$0.13 per diluted share as outlined in the table below. This guidance
excludes the potential impact of investment security charges. Second
quarter guidance compares to adjusted EPS of $0.18 per diluted share for
the second quarter ended August 1, 2009, which excluded an operating
loss related to MARTIN+OSA as outlined in the table below.
During the month, the company repurchased 3.3 million shares, bringing
the year-to-date total to 14 million shares for a total cost of $192
million.
To access the company's recorded monthly sales commentary, please dial
(866) 514-0390, or internationally (585) 267-8021. The company will
announce second quarter earnings on Wednesday, August 25 and management
will hold a conference call at 9:00 am. To listen to the call, please
dial (877) 407-0789.
Non-GAAP Measures
This press release includes information on non-GAAP earnings per diluted
share ("non-GAAP" or "adjusted"). This measure is not based on any
standardized methodology prescribed by U.S. generally accepted
accounting principles ("GAAP") and is not necessarily comparable to
similar measures presented by other companies. The company believes that
this non-GAAP information is useful as an additional means for investors
to evaluate the company's operating performance, when reviewed in
conjunction with the company's GAAP financial statements. This amount is
not determined in accordance with GAAP and therefore, should not be used
exclusively in evaluating the company's business and operations.
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American Eagle Outfitters, Inc.
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| GAAP to Non-GAAP reconciliation |
| (unaudited) |
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13 Weeks Ended
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13 Weeks Ended |
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13 Weeks Ended |
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July 31, 2010 |
|
July 31, 2010 |
|
August 1, 2009 |
|
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Low Range
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|
High Range |
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Diluted EPS on a GAAP basis
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.00
|
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$
|
0.14
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Add back: MARTIN+OSA operating loss and shut down costs
|
|
|
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0.13
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0.13
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|
|
0.04
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Non-GAAP Diluted EPS
|
|
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$
|
0.12
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|
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$
|
0.13
|
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$
|
0.18
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American Eagle Outfitters, Inc., through its subsidiaries, ("AEO, Inc.")offers high-quality, on-trend clothing, accessories and personal
care products at affordable prices. The American Eagle Outfitters(R)
brand targets 15 to 25 year old girls and guys, with 934 stores in the
U.S. and Canada and online at www.ae.com.
aerie(R) by american eagle offers Dormwear(R) and
intimates collections for the AE(R) girl, with 144 standalone
stores in the U.S. and Canada and online at www.aerie.com.
The latest brand, 77kids(R) by american eagle(R), is
available online at www.77kids.com,
as well as at five stores across the nation. The 77kids brand offers
"kid cool," durable clothing and accessories for kids ages two to 10.
AE.COM(R), the online home of the brands of AEO, Inc. ships to
76 countries worldwide.
"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 second quarter earnings. All forward-looking
statements made by the company involve material risks and uncertainties
and are subject to change based on factors beyond the company's control.
Such factors include, but are not limited to the risk that the Company's
second quarter earnings expectations may not be achieved and the risks
described in the Risk Factor Section of the company's Form 10-K and Form
10-Q filed with the Securities and Exchange Commission. Accordingly, the
company's future performance and financial results may differ materially
from those expressed or implied in any such forward-looking statements.
The company does not undertake to publicly update or revise its
forward-looking statements even if future changes make it clear that
projected results expressed or implied will not be realized.
SOURCE: American Eagle Outfitters, Inc.
American Eagle Outfitters, Inc.
Judy Meehan, 412-432-3300