American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced that total sales for the four-week period ended August 31, 2002 increased 3.1% to $156.5 million, compared to $151.8 million for the four-week period ended September 1, 2001. Total sales for the period include $9.4 million from the Bluenotes/Thriftys operation, compared to $12.8 million for the corresponding period last year.
Comparable store sales for the American Eagle Outfitters stores declined 5.0% for the August period. Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 6.9% for the month compared to the corresponding period ended September 1, 2001. Bluenotes/Thriftys comparable store sales declined 27.7% in August compared to last year.
Total sales for the thirty-week period ended August 31, 2002 increased 8.3% to $753.6 million from $695.8 million for the thirty-week period ended September 1, 2001. Total sales for the period include $45.7 million from the Bluenotes/Thriftys operation, compared to $54.4 million for the corresponding period last year.
Comparable store sales for the American Eagle Outfitters stores declined 4.9% for the thirty-week period ended August 31, 2002. Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 6.0% for the thirty-week period compared to the corresponding period ended September 1, 2001. Bluenotes/Thriftys comparable store sales declined 18.5% for the period compared to last year.
Despite the negative comparable store sales performance in August, the Company is encouraged by the improvement in its women's business and the new AE Fall One assortment which arrives in stores this week. However, if the comparable store sales trend experienced in August continues for the balance of the quarter, the Company believes third quarter earnings could be 5-10% below the current First Call consensus estimate of $0.43.
To access our recorded monthly sales commentary, please call 800-642-1687, conference code #3282124.
American Eagle Outfitters (Nasdaq: AEOS) is a leading lifestyle retailer that designs, markets, and sells its own brand of relaxed, versatile clothing for 16 to 34 year-olds, providing high quality merchandise at affordable prices. AE's lifestyle collection includes casual basics like khakis, cargos, and jeans; fashion tops like rugbys, polos, and graphic T's; and functional items like swimwear, outerwear, footwear, and accessories. 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 671 AE stores in 48 states and the District of Columbia, 51 AE stores in Canada, and 111 Bluenotes/Thriftys stores in Canada. AE also operates via its Internet business, ae.com.
“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 third 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 third quarter sales and financial plans 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 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.
Contact: Laura Weil or Judy Meehan, +1-724-776-4857