American Eagle Outfitters Reports Record First Quarter EPS from Continuing Operations of $0.35 versus $0.18 Last Year; Comparable Store Sales Increase 27.1%; Provides Second Quarter EPS Guidance.WARRENDALE, Pa. -- American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Eagle Outfitters, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AEOS AEOS American Eagle Outfitters Inc. (stock symbol) AEOS Advanced Electro-Optical System (3.67 meter adaptive optical telescope on Maui) AEOS Advanced Electro Optical Sensor ) today announced its consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results for the first quarter ended April 30, 2005. --Total sales increased 36.7% to $454.0 million from $332.2 million for the quarter ended May 1, 2004. --Comparable store sales increased 27.1% when compared to the corresponding period last year. --Gross profit as a percent to sales increased to 48.9% from 44.7% last year due to the leveraging of rent expense and an improvement in merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain margins. --Operating income for the quarter increased to $87.5 million, or 19.3% as a percent to sales, from $43.1 million, or 13.0% as a percent to sales last year. --Net income for the quarter increased to $55.3 million, or $0.35 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, from net income of $25.3 million, or $0.17 per share on a diluted basis last year (which included a $0.01 loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. ). Management also provided second quarter earnings guidance of $0.32 to $0.33 per share. This compares to earnings of $0.22 per share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in the second quarter of last year. At 9:00 a.m. Eastern Time, on May 12, 2005, the Company's management team will host a conference call to review the financial results. To listen to the call, dial 877-601-0864 at least ten minutes prior to the start of the call. The conference call will also be simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics broadcast over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.ae.com. A replay will be available beginning May 12th at 12:00 p.m. Eastern Time through May 26th. To listen to the replay, dial 1-800-642-1687 and reference confirmation code #5555612. An audio replay of the conference call will also be available at www.ae.com. American Eagle Outfitters (NASDAQ:AEOS) is a leading lifestyle retailer that designs, markets and sells its own brand of relaxed relaxed, adj freed from tension, being at ease, as applied to muscles and the mind. , casual clothing for 15 to 25 year olds, providing high-quality merchandise at affordable prices. AE's collection includes modern basics like jeans, cargo pants cargo pants or trousers Noun, pl loose trousers with a large external pocket on the side of each leg and graphic T's as well as a stylish Stylish is a free Mozilla extension that allows for the manipulation of web pages and XUL application user interfaces through the use of CSS or user styles available localy or from centralized web-site [1], which allows style sharing. assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. of cool accessories, outerwear and footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). . American Eagle Outfitters currently operates 775 AE stores in 49 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , and 70 AE stores in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . AE also operates via its Web business, www.ae.com, which offers additional sizes and styles of favorite AE merchandise. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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 our second quarter sales, markdowns and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. earnings expectations may not be achieved, and those other risks described in the Company's filings with the Securities and Exchange Commission. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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.
AMERICAN EAGLE OUTFITTERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
April 30, January 29, May 1,
2005 2005 2004
----------- ----------- -----------
(Unaudited) (Unaudited)
(Restated)
ASSETS
Cash, cash equivalents and
short-term investments $ 561,297 $ 589,607 $ 326,268
Merchandise inventory 153,749 137,991 146,786
Other current assets 132,152 100,042 83,114
----------- ----------- -----------
Total current assets 847,198 827,640 556,168
----------- ----------- -----------
Property and equipment, net 349,493 353,213 339,198
Goodwill, net 10,136 10,136 10,136
Long-term investments 119,897 84,416 24,258
Other assets, net 29,899 18,254 27,568
----------- ----------- -----------
Total Assets $ 1,356,623 $ 1,293,659 $ 957,328
----------- ----------- -----------
----------- ----------- -----------
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accounts payable $ 65,638 $ 76,344 $ 68,777
Accrued compensation and
payroll taxes 30,105 36,008 22,546
Accrued rent 44,835 45,089 40,173
Accrued income and other taxes 25,636 33,926 18,152
Unredeemed stored value cards
and gift certificates 22,287 32,724 18,181
Current portion of note payable - - 4,832
Current portion of deferred
lease credits 10,457 9,798 9,966
Other current liabilities 14,618 19,376 13,091
----------- ----------- -----------
Total current liabilities 213,576 253,265 195,718
----------- ----------- -----------
Note payable - - 12,660
Deferred lease credits 57,162 57,758 55,299
Other non-current liabilities 26,990 19,150 18,493
----------- ----------- -----------
Total non-current liabilities 84,152 76,908 86,452
----------- ----------- -----------
Total stockholders' equity 1,058,895 963,486 675,158
----------- ----------- -----------
Total Liabilities and
Stockholders' Equity $ 1,356,623 $ 1,293,659 $ 957,328
----------- ----------- -----------
----------- ----------- -----------
Current Ratio 3.97 3.27 2.84
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in thousands, except per share amounts)
(Unaudited)
Three Months Ended
-----------------------
April 30, May 1,
2005 2004
----------- -----------
(Restated)
Net sales $ 454,019 $ 332,230
Cost of sales, including certain
buying, occupancy and
warehousing expenses 231,859 183,511
----------- -----------
Gross profit 222,160 148,719
Selling, general and
administrative expenses 116,536 89,850
Depreciation and amortization 18,102 15,738
----------- -----------
Operating income 87,522 43,131
Other income, net 2,975 940
----------- -----------
Income before income taxes 90,497 44,071
Provision for income taxes 35,313 17,070
----------- -----------
Income from continuing
operations, net of tax 55,184 27,001
Income (loss) from discontinued
operations, net of tax 89 (1,727)
----------- -----------
Net income $ 55,273 $ 25,274
----------- -----------
----------- -----------
Basic per common share amounts:
Income from continuing operations $ 0.36 $ 0.19
Loss from discontinued operations 0.00 (0.01)
----------- -----------
Net income per basic common share $ 0.36 $ 0.18
----------- -----------
----------- -----------
Diluted per common share amounts:
Income from continuing operations $ 0.35 $ 0.18
Loss from discontinued operations 0.00 (0.01)
----------- -----------
Net income per diluted common
share $ 0.35 $ 0.17
----------- -----------
----------- -----------
Weighted average common shares
outstanding - basic 151,582 143,012
Weighted average common shares
outstanding - diluted 156,109 146,494
----------------------------------------------------------
Total gross square footage at end
of period: 4,549,729 4,285,182
Store count at end of period: 845 809
----------------------------------------------------------
AMERICAN EAGLE OUTFITTERS, INC.
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Quarterly Financial information was presented in Note 15 of our 2004
Annual Report on Form 10-K. The aforementioned information was updated
from that previously reported to reflect Bluenotes as discontinued
operations and to reflect the restatement resulting from our change in
lease accounting practices. The Quarterly Consolidated Statements of
Operations (unaudited) presented below reflect a more detailed
presentation of the Fiscal 2004 quarterly information and are being
presented for informational purposes only.
Quarters Ended
-----------------------------------
January 29, October 30, July 31,
2005 2004 2004
----------- ----------- -----------
(Dollars and shares in thousands, (Restated) (Restated)
except per share amounts)
Net sales $ 674,024 $ 479,585 $ 395,402
Cost of sales, including certain
buying, occupancy and
warehousing expenses 341,647 245,727 232,548
----------- ----------- -----------
Gross profit 332,377 233,858 162,854
Selling, general and
administrative expenses 142,386 119,642 94,951
Depreciation and amortization 18,304 17,345 16,886
----------- ----------- -----------
Operating income 171,687 96,871 51,017
Other income (expense), net 3,343 (645) 491
----------- ----------- -----------
Income before income taxes 175,030 96,226 51,508
Provision for income taxes 68,086 37,521 19,926
----------- ----------- -----------
Income from continuing
operations, net of tax 106,944 58,705 31,582
Loss from discontinued operations,
net of income tax benefit (6,027) (807) (2,328)
----------- ----------- -----------
Net income $ 100,917 $ 57,898 $ 29,254
----------- ----------- -----------
----------- ----------- -----------
Basic per common share amounts:
Income from continuing operations $ 0.73 $ 0.40 $ 0.22
Loss from discontinued operations (0.04) - (0.02)
----------- ----------- -----------
Net income per basic common share $ 0.69 $ 0.40 $ 0.20
----------- ----------- -----------
----------- ----------- -----------
Diluted per common share amounts:
Income from continuing operations $ 0.70 $ 0.39 $ 0.22
Loss from discontinued operations (0.04) (0.01) (0.02)
----------- ----------- -----------
Net income per diluted common
share $ 0.66 $ 0.38 $ 0.20
----------- ----------- -----------
----------- ----------- -----------
Weighted average common shares
outstanding - basic 147,094 146,004 144,502
Weighted average common shares
outstanding - diluted 153,402 151,570 148,328
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion