PITTSBURGH, May 25, 2011 (BUSINESS WIRE) --American Eagle Outfitters, Inc. (NYSE:AEO) today announced earnings for
the first quarter ended April 30, 2011 of $0.14 per diluted share,
compared to income from continuing operations of $0.17 per diluted share
last year.
"While sales for the quarter came in lower than anticipated, we achieved
EPS within our expected range. A higher merchandise margin and the
positive impact of our expense control initiatives contributed to the
bottom line. During the quarter, we continued to implement strategic
initiatives across our brands that will position the business for
improved performance in the second half of the year and fuel
longer-term, profitable growth," said Jim O'Donnell, chief executive
officer.
First Quarter Results - Continuing Operations
Total sales
for the quarter decreased 6% to $610 million, compared to $648 million
last year. First quarter comparable store sales decreased 8%, compared
to a 5% increase last year. For additional comparable store sales
information for the period, see the accompanying sales results by brand
table.
Gross profit was $232 million, or 38.0% as a rate to sales, compared to
$258 million, or 39.7% as a rate to sales, last year. The merchandise
margin increased 70 basis points. As a rate to sales, buying, occupancy
and warehousing costs increased 240 basis points. This was primarily due
to rent, reflecting the impact of new store openings and negative
comparable store sales.
Selling, general and administrative expense decreased 6% to $158
million, compared to $169 million last year. As a rate to sales, SG&A
was flat to last year at 26.0%. The decrease in SG&A resulted from
expense savings efforts, which yielded reductions in compensation,
supplies and services, partially offset by planned investments in
advertising and costs associated with new store growth.
Operating income for the quarter was $38 million, compared to $54
million last year. The operating margin decreased to 6.3% from 8.2% last
year.
Other income, net of $5 million includes a $0.01 per diluted share
benefit related to auction rate security recoveries.
Income from continuing operations for the quarter was $28 million, or
$0.14 per diluted share, compared to $36 million, or $0.17 per diluted
share, last year. As a rate to sales, income from continuing operations
decreased to 4.6% from 5.5% last year.
AEO Direct
The company's direct-to-consumer business
includes ae.com, aerie.com and 77kids.com. In the first quarter, sales
increased 3% due to higher transactions driven by improved conversion.
First quarter sales compared to a 1% increase last year.
Inventory
Total merchandise inventory at the end of the
first quarter was $332 million, an increase of $5 million, or 2%,
compared to last year. First quarter ending inventory at cost per foot
was flat to last year.
Looking ahead to the second quarter, inventory plans reflect investments
in key items and the expansion of the accessory business. For the
apparel business, second quarter average weekly inventory per foot is
planned to increase in the high single-digits and units are planned to
decrease in the low single-digits. Including accessories, total
inventory is planned to increase in the low double-digits with units
increasing in the low single-digits.
Capital Expenditures
For the first quarter, capital
expenditures were $38 million, compared to $19 million last year. Of the
first quarter capital expenditures, approximately $28 million related to
new and remodeled stores. The balance of the capital expenditures
related to distribution center, information technology and other home
office projects. The company continues to expect capital expenditures in
the range of $90 million to $100 million, with slightly more than half
related to new and remodeled stores.
Additionally, during the quarter the company acquired $33 million of
trademark assets to support international operations. These trademark
assets will be utilized in entering new markets in order to expand the
overall international presence.
Real Estate
In the first quarter, the company opened six
77kids, three AE and two aerie stores. In addition, the company
remodeled 32 stores. Store closings in the first quarter consisted of
one AE store. The company continues to expect fiscal 2011 total square
footage to increase in the low single-digits. For additional first
quarter 2011 actual and fiscal 2011 guidance information, please refer
to the accompanying real estate table.
Cash and Investments
The company ended the first quarter
with total cash and investments of $611 million.
Future Outlook
The company currently expects second quarter
EPS to be in a range of $0.10 to $0.13 per diluted share, compared to
$0.13 per diluted share last year. Although it is early in the second
quarter, sales have improved from the first quarter, reflecting better
trends in key items. SG&A dollars are planned flat for the second
quarter, with investments in new stores and advertising offset by
continued expense savings.
For the year, the company continues to expect EPS to be similar to 2010
earnings from continuing operations of $1.02 per diluted share. SG&A
expense is planned to increase in the low single-digits, with planned
investments in new stores and advertising, partially offset by continued
expense savings. Depreciation is expected to increase in the low
single-digits for the year, and the effective tax rate is currently
projected at 38%.
Conference Call Information
At 9:00 a.m. Eastern Time on May
25, 2011, the company's management team will host a conference call to
review the financial results. To listen to the call, dial 1-877-407-0789
or internationally dial 1-201-689-8562 five to seven minutes prior to
the scheduled start time. The conference call will also be
simultaneously broadcast over the Internet at www.ae.com.
Anyone unable to listen to the call can access a replay beginning May
25, 2011 at 12:00 p.m. Eastern Time through June 15, 2011. To listen to
the replay, dial 1-877-870-5176, or internationally dial 1-858-384-5517,
and reference account 3055 and confirmation code 372058. An audio replay
of the conference call will also be available at www.ae.com.
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 930 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 150 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 18 stores across the nation. The 77kids brand offers "kid
cool," durable clothing and accessories for kids ages zero to 14. 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 and fiscal 2011 results. 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 operating, financial and capital plans 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.
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| AMERICAN EAGLE OUTFITTERS, INC. |
| CONSOLIDATED BALANCE SHEETS |
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(Dollars in thousands)
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April 30, |
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January 29, |
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May 1, |
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2011 |
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2011 |
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2010 |
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(unaudited) |
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(unaudited) |
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| ASSETS |
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Cash and cash equivalents
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$
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474,668
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$
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667,593
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$
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535,239
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Short-term investments
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130,513
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67,102
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9,025
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Merchandise inventory
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331,588
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301,208
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326,417
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Accounts receivable
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31,464
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36,721
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39,637
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Prepaid expenses and other
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84,687
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53,727
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90,247
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Deferred income taxes
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49,023
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48,059
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45,439
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Total current assets
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1,101,943
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1,174,410
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1,046,004
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Property and equipment, net
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641,907
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643,120
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677,880
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Intangible assets, net
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|
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40,454
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7,485
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|
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|
5,327
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Goodwill
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11,710
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11,472
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11,413
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Long-term investments
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5,915
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5,915
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187,490
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Non-current deferred income taxes
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10,030
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19,616
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30,135
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Other assets
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20,379
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17,980
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16,941
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Total Assets
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$
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1,832,338 |
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$
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1,879,998 |
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$
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1,975,190 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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Accounts payable
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|
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$
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155,183
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|
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$
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167,723
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|
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$
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143,477
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|
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Note payable
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|
|
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-
|
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|
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-
|
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|
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17,500
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|
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Accrued compensation and payroll taxes
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|
|
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|
|
14,915
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|
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34,954
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|
|
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22,150
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|
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Accrued rent
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|
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70,873
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|
|
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70,390
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|
|
|
66,907
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|
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Accrued income and other taxes
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|
|
|
|
|
12,242
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|
|
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32,468
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|
|
|
12,437
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|
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Unredeemed gift cards and gift certificates
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29,187
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41,001
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26,866
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Current portion of deferred lease credits
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15,981
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16,203
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|
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17,365
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Other current liabilities and accrued expenses
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|
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24,566
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|
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|
25,098
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|
|
|
17,350
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Total current liabilities
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|
|
|
|
|
322,947
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|
|
|
387,837
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|
|
|
324,052
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|
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Deferred lease credits
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|
|
|
|
|
79,131
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|
|
|
78,606
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|
|
|
89,504
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|
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Non-current accrued income taxes
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|
|
|
|
|
40,310
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|
|
|
38,671
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|
|
|
35,163
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Other non-current liabilities
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|
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|
|
23,486
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|
|
|
23,813
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|
|
|
20,114
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Total non-current liabilities
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|
|
|
|
|
142,927
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|
|
|
141,090
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|
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|
144,781
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Commitments and contingencies
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-
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-
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-
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Preferred stock
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-
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-
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-
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Common stock
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|
2,496
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|
|
|
2,496
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|
|
|
2,496
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Contributed capital
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|
|
543,393
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|
|
|
546,597
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|
|
|
534,765
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Accumulated other comprehensive income
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|
|
|
|
|
33,573
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|
|
|
28,072
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|
|
|
21,056
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|
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Retained earnings
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|
|
|
|
|
1,716,173
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|
|
|
1,711,929
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|
|
|
1,749,513
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|
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Treasury stock
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|
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|
(929,171
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)
|
|
|
(938,023
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)
|
|
|
(801,473
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)
|
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Total stockholders' equity
|
|
|
|
|
|
1,366,464
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|
|
|
1,351,071
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|
|
|
1,506,357
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|
|
Total Liabilities and Stockholders' Equity
|
|
|
|
|
$
|
1,832,338 |
|
|
$
|
1,879,998 |
|
|
$
|
1,975,190 |
|
|
|
|
|
|
|
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|
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|
|
|
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Current Ratio
|
|
|
|
|
|
3.41
|
|
|
|
3.03
|
|
|
|
3.23
|
|
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|
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|
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|
|
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|
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|
|
| AMERICAN EAGLE OUTFITTERS, INC. |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Dollars and shares in thousands, except per share amounts)
|
|
(unaudited)
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13 Weeks Ended |
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|
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April 30, |
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% of |
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May 1, |
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% of |
|
|
|
|
|
|
2011 |
|
Sales |
|
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2010 |
|
Sales |
|
|
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|
|
|
|
|
|
|
|
|
|
|
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Net sales
|
|
|
|
|
$
|
609,562
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|
100.0
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%
|
|
$
|
648,462
|
|
|
100.0
|
%
|
|
Cost of sales, including certain buying,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
occupancy and warehousing expenses
|
|
|
|
|
|
377,801
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|
62.0
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%
|
|
|
390,766
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|
|
60.3
|
%
|
|
Gross profit
|
|
|
|
|
|
231,761
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|
38.0
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%
|
|
|
257,696
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|
|
39.7
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%
|
|
Selling, general and administrative expenses
|
|
|
|
|
|
158,491
|
|
26.0
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%
|
|
|
168,645
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|
|
26.0
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%
|
|
Depreciation and amortization
|
|
|
|
|
|
34,880
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|
5.7
|
%
|
|
|
35,525
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|
|
5.5
|
%
|
|
Operating income
|
|
|
|
|
|
38,390
|
|
6.3
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%
|
|
|
53,526
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|
|
8.2
|
%
|
|
Other income, net
|
|
|
|
|
|
4,512
|
|
0.7
|
%
|
|
|
121
|
|
|
0.0
|
%
|
|
Income before income taxes
|
|
|
|
|
|
42,902
|
|
7.0
|
%
|
|
|
53,647
|
|
|
8.2
|
%
|
|
Provision for income taxes
|
|
|
|
|
|
14,577
|
|
2.4
|
%
|
|
|
17,785
|
|
|
2.7
|
%
|
|
Income from continuing operations
|
|
|
|
|
|
28,325
|
|
4.6
|
%
|
|
|
35,862
|
|
|
5.5
|
%
|
|
Loss from discontinued operations, net of tax
|
|
|
|
|
|
-
|
|
0.0
|
%
|
|
|
(24,940
|
)
|
|
-3.8
|
%
|
|
Net income
|
|
|
|
|
$
|
28,325
|
|
4.6
|
%
|
|
$
|
10,922
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.17
|
|
|
|
|
Loss from discontinued operations
|
|
|
|
|
|
-
|
|
|
|
|
(0.12
|
)
|
|
|
|
Net income per basic share
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
$
|
0.14
|
|
|
|
$
|
0.17
|
|
|
|
|
Loss from discontinued operations
|
|
|
|
|
|
-
|
|
|
|
|
(0.12
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)
|
|
|
|
Net income per diluted share
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|
|
|
|
$
|
0.14
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|
|
|
$
|
0.05
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding - basic
|
|
|
|
|
|
194,683
|
|
|
|
|
207,718
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding - diluted
|
|
|
|
|
|
196,633
|
|
|
|
|
210,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMERICAN EAGLE OUTFITTERS, INC. |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Dollars in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
|
|
|
|
April 30, |
|
|
May 1, |
|
|
|
|
|
|
2011 |
|
|
2010 |
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
28,325
|
|
|
$
|
10,922
|
|
|
Loss from discontinued operations
|
|
|
|
|
|
-
|
|
|
|
24,940
|
|
|
Income from continuing operations
|
|
|
|
|
|
28,325
|
|
|
|
35,862
|
|
|
Adjustments to reconcile income from continuing operations to net
cash used for operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
35,534
|
|
|
|
37,124
|
|
|
Share-based compensation
|
|
|
|
|
|
2,506
|
|
|
|
12,064
|
|
|
Provision for deferred income taxes
|
|
|
|
|
|
8,708
|
|
|
|
11,594
|
|
|
Tax benefit from share-based payments
|
|
|
|
|
|
256
|
|
|
|
13,942
|
|
|
Excess tax benefit from share-based payments
|
|
|
|
|
|
(139
|
)
|
|
|
(4,023
|
)
|
|
Foreign currency transaction gain
|
|
|
|
|
|
(219
|
)
|
|
|
(113
|
)
|
|
Realized loss on sale of investment securities
|
|
|
|
|
|
-
|
|
|
|
225
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Merchandise inventory
|
|
|
|
|
|
(28,674
|
)
|
|
|
(2,922
|
)
|
|
Accounts receivable
|
|
|
|
|
|
5,445
|
|
|
|
(5,723
|
)
|
|
Prepaid expenses and other
|
|
|
|
|
|
(30,327
|
)
|
|
|
(43,487
|
)
|
|
Other assets
|
|
|
|
|
|
(2,400
|
)
|
|
|
(341
|
)
|
|
Accounts payable
|
|
|
|
|
|
(7,301
|
)
|
|
|
(14,132
|
)
|
|
Unredeemed gift cards and gift certificates
|
|
|
|
|
|
(11,960
|
)
|
|
|
(12,622
|
)
|
|
Deferred lease credits
|
|
|
|
|
|
(174
|
)
|
|
|
(1,785
|
)
|
|
Accrued compensation and payroll taxes
|
|
|
|
|
|
(20,110
|
)
|
|
|
(34,473
|
)
|
|
Accrued income and other taxes
|
|
|
|
|
|
(18,749
|
)
|
|
|
(11,874
|
)
|
|
Accrued liabilities
|
|
|
|
|
|
90
|
|
|
|
(6,580
|
)
|
|
Total adjustments
|
|
|
|
|
|
(67,514
|
)
|
|
|
(63,126
|
)
|
| Net cash used for operating activities from continuing operations |
|
|
|
|
$ |
(39,189 |
) |
|
$ |
(27,264 |
) |
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures for property and equipment
|
|
|
|
|
|
(37,744
|
)
|
|
|
(19,071
|
)
|
|
Acquisition of intangible assets
|
|
|
|
|
|
(33,151
|
)
|
|
|
(394
|
)
|
|
Purchase of available-for-sale securities
|
|
|
|
|
|
(111,199
|
)
|
|
|
-
|
|
|
Sale of available-for-sale securities
|
|
|
|
|
|
48,887
|
|
|
|
6,850
|
|
| Net cash used for investing activities from continuing operations |
|
|
|
|
$ |
(133,207 |
) |
|
$ |
(12,615 |
) |
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
Payments on capital leases
|
|
|
|
|
|
(756
|
)
|
|
|
(563
|
)
|
|
Repayment of note payable
|
|
|
|
|
|
-
|
|
|
|
(12,500
|
)
|
|
Repurchase of common stock as part of publicly announced programs
|
|
|
|
|
|
-
|
|
|
|
(71,809
|
)
|
|
Repurchase of common stock from employees
|
|
|
|
|
|
(2,181
|
)
|
|
|
(17,946
|
)
|
|
Net proceeds from stock options exercised
|
|
|
|
|
|
2,539
|
|
|
|
3,610
|
|
|
Excess tax benefit from share-based payments
|
|
|
|
|
|
139
|
|
|
|
4,023
|
|
|
Cash used to net settle equity awards
|
|
|
|
|
|
-
|
|
|
|
(6,434
|
)
|
|
Cash dividends paid
|
|
|
|
|
|
(21,430
|
)
|
|
|
(20,906
|
)
|
| Net cash used for financing activities from continuing operations |
|
|
|
|
$ |
(21,689 |
) |
|
$ |
(122,525 |
) |
|
Effect of exchange rates on cash
|
|
|
|
|
|
1,160
|
|
|
|
1,303
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows of discontinued operations |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
|
-
|
|
|
|
2,386
|
|
|
Net cash used for investing activities
|
|
|
|
|
|
-
|
|
|
|
(6
|
)
|
|
Net cash used for financing activities
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Effect of exchange rate on cash
|
|
|
|
|
|
-
|
|
|
|
-
|
|
| Net cash provided by discontinued operations |
|
|
|
|
$ |
- |
|
|
$ |
2,380 |
|
|
|
|
|
|
|
|
|
|
|
| Net decrease in cash and cash equivalents |
|
|
|
|
$ |
(192,925 |
) |
|
$ |
(158,721 |
) |
|
Cash and cash equivalents - beginning of period
|
|
|
|
|
|
667,593
|
|
|
|
693,960
|
|
|
Cash and cash equivalents - end of period
|
|
|
|
|
$ |
474,668 |
|
|
$ |
535,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMERICAN EAGLE OUTFITTERS, INC. |
| SALES RESULTS BY BRAND |
|
(Dollars in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
First Quarter |
|
|
|
|
|
Comparable Store Sales |
|
|
|
|
|
2011 |
|
2010 |
|
American Eagle Outfitters, Inc.
|
|
|
|
|
-8
|
%
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
AE Brand
|
|
|
|
|
-8
|
%
|
|
5
|
%
|
|
aerie
|
|
|
|
|
-7
|
%
|
|
23
|
%
|
|
AEO Direct (1) |
|
|
|
|
3
|
%
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
(1) AEO Direct is comprised of ae.com, aerie.com and 77kids.com.
AEO
Direct is not included in consolidated comparable store sales.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMERICAN EAGLE OUTFITTERS, INC. |
| REAL ESTATE INFORMATION |
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
|
Fiscal 2011 |
|
|
|
|
|
|
Fiscal 2011 |
|
|
Guidance |
|
Consolidated stores at beginning of period
|
|
|
|
|
|
1,086
|
|
|
1,086
|
|
Consolidated stores opened during the period
|
|
|
|
|
|
|
|
|
|
|
AE Brand
|
|
|
|
|
|
3
|
|
|
14
|
|
aerie
|
|
|
|
|
|
2
|
|
|
10
|
|
77kids
|
|
|
|
|
|
6
|
|
|
12
|
|
Consolidated stores closed during the period
|
|
|
|
|
|
|
|
|
|
|
AE Brand
|
|
|
|
|
|
(1)
|
|
|
(15) - (25)
|
| Total consolidated stores at end of period |
|
|
|
|
|
1,096 |
|
|
1,097 - 1,107 |
|
|
|
|
|
|
|
|
|
|
|
Stores remodeled during the period
|
|
|
|
|
|
32
|
|
|
60 - 65
|
|
Total gross square footage at end of period
|
|
|
|
|
|
6,397,205
|
|
|
Not Provided
|
|
|
|
|
|
|
|
|
|
|
SOURCE: American Eagle Outfitters, Inc.
American Eagle Outfitters Inc.
Judy Meehan, 412-432-3300