WARRENDALE, Pa.–(BUSINESS WIRE)–Aug. 14, 2003–American Eagle Outfitters, Inc. (Nasdaq:AEOS) today announced its consolidated financial results for the second quarter ended August 2, 2003:
Second Quarter Ended August 2, 2003
Total sales increased 5.6% to $337.1 million from $319.2 million for the quarter ended August 3, 2002.
Sales for the second quarter 2003 included $19.3 million from the Bluenotes/Thriftys operation, compared to $18.8 million for the corresponding period last year.
Comparable store sales for the American Eagle Outfitters stores declined 5.3% for the quarter ended August 2, 2003.
Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 5.5% when compared to the corresponding period last year.
Net income for the quarter decreased to $8.1 million, or $0.11 per share on a diluted basis, from net income of $10.1 million, or $0.14 per share on a diluted basis last year.
Year-to-Date for the Twenty-Six Weeks Ended August 2, 2003
Total sales increased 5.3% to $628.9 million from $597.1 million for the twenty-six weeks ended August 3, 2002.
Sales for the twenty-six weeks ended August 2, 2003 included $35.1 million from the Bluenotes/Thriftys operation, compared to $36.3 million for the corresponding period last year.
Comparable store sales for the American Eagle Outfitters stores declined 5.6% when compared to the same twenty-six week period last year.
Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 6.0% when compared to the corresponding period last year.
Net income for the period decreased to $14.5 million, or $0.20 per share on a diluted basis, from net income of $22.8 million, or $0.31 per share on a diluted basis last year.
The Company stated that comparable store sales for the American Eagle Outfitters stores through the first ten days of August have declined 8%. The Company currently expects the comparable store sales trend in the negative high single-digits to continue throughout the month of August.
American Eagle Outfitters (NASDAQ:AEOS) is a leading lifestyle retailer that designs, markets, and sells its own brand of casual, fashion-right clothing for 20 year olds, providing high-quality merchandise at affordable prices. AE's collection includes modern basics like jeans, surplus, and graphic Ts as well as a stylish assortment of cool accessories, outerwear, footwear and swimwear. AE's Canadian subsidiary, Bluenotes/Thriftys, targets a slightly younger demographic, offering a more urban/suburban, denim-driven collection for 12 to 22 year-olds. American Eagle Outfitters currently operates 717 AE stores in 49 states and the District of Columbia, 61 AE stores in Canada, and 111 Bluenotes/Thriftys stores in Canada. AE also operates via its internet business, ae.com.