Same Store Sales Decrease 3%
Reiterates Second Quarter
EPS Guidance
PITTSBURGH, Jun 03, 2010 (BUSINESS WIRE) --American Eagle Outfitters, Inc. (NYSE: AEO) today announced that total
sales for the four weeks ended May 29, 2010 decreased 1% to $193
million, compared to $196 million for the four weeks ended May 30, 2009.
Consolidated comparable store sales decreased 3% for the month, compared
to a 7% decrease for the same period last year.
Total sales for the year-to-date 17 week period ended May 29, 2010
increased 6% to $853 million, compared to $808 million for the 17 week
period ended May 30, 2009. Comparable store sales increased 3% for the
year-to-date period compared to a 9% decrease for the same year-to-date
period last year.
The company is reiterating its second quarter adjusted earnings guidance
of $0.12 to $0.16 per diluted share. On a GAAP basis, second quarter
guidance is ($0.01) to $0.03 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 which
follows. This guidance also excludes potential investment security
charges. Second quarter guidance compares to adjusted earnings of $0.18
per diluted share for the second quarter ended August 1, 2009, which
excludes a tax benefit, a non-cash, non-operating foreign currency loss
and an operating loss related to MARTIN+OSA as outlined in the table
which follows.
To access the company's recorded monthly sales commentary, please dial
(866) 514-0390, or internationally dial (585) 267-8021.
Non-GAAP Measures
This press release includes information on non-GAAP earnings per diluted
share information. 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 Ending
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13 Weeks Ending |
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13 Weeks Ended |
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July 31, 2010
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July 31, 2010 |
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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
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($0.01)
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$0.03
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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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0.12
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0.16
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0.18
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Deduct: Tax benefit
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-
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-
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(0.02)
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Add back: Non-cash; non-operating foreign currency loss
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-
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-
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0.02
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Non-GAAP Diluted EPS
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$0.12
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$0.16
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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 936 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 143 standalone
stores in the U.S. and Canada and online at www.aerie.com.
The latest brand, 77kids by american eagle(R), is available
online only at www.77kids.com.
The 77kids(R) 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 more than 60 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