American Eagle Outfitters, Inc. today announced that total sales for the month ended November 1, 2003 decreased 8.3% to $96.1 million, compared to $104.8 million for the month ended November 2, 2002. Comparable store sales for the American Eagle Outfitters stores decreased 18.7% for the October period. Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 18.1% for the month compared to the corresponding period ended November 2, 2002.
Total sales for the period include $5.6 million from the Bluenotes/Thriftys operation, compared to $5.2 million for the corresponding period last year. The 8.4% sales increase was due to the strengthening of the Canadian dollar compared to a year ago. Bluenotes/Thriftys comparable store sales, which exclude the impact of foreign currency fluctuations, declined 9.2% in October.
Total sales for the third quarter ended November 1, 2003 decreased 0.2% to $373.8 million from $374.5 million for the third quarter ended November 2, 2002. Comparable store sales for the American Eagle Outfitters stores declined 10.4% for the period. Consolidated comparable stores sales, which include American Eagle and Bluenotes/Thriftys stores, declined 10.3% for the period compared to the corresponding third quarter ended November 2, 2002.
Total sales for the third quarter include $22.8 million from the Bluenotes/Thriftys operation, compared to $21.7 million for the corresponding period last year. The 4.8% sales increase was due to the strengthening of the Canadian dollar compared to a year ago. Bluenotes/Thriftys comparable store sales, which exclude the impact of foreign currency fluctuations, declined 9.1% for the third quarter compared to last year.
Year-to-date total sales for the nine-month period ended November 1, 2003 increased 3.2% to $1.003 billion, compared to $971.6 million for the nine month period ended November 2, 2002. Comparable store sales for the American Eagle Outfitters stores declined 7.4% for the period. Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, declined 7.6% for the nine-month period compared to the corresponding period ended November 2, 2002.
Year-to-date total sales for the nine month period include $57.9 million from the Bluenotes/Thriftys operation, compared to $58.0 million for the corresponding period last year. The 0.3% sales decline was due to a decrease in comparable store sales of 10.6% for the period, partially offset by the strengthening of the Canadian dollar compared to a year ago. The comparable store sales calculation excludes the impact of foreign currency fluctuations.
The Company expects third quarter earnings to be in the range of $0.22 to $0.24 per share, before a goodwill impairment charge of $0.11 per share attributed to the Bluenotes segment. Due to continuing poor performance at Bluenotes, we have estimated an $8 million goodwill impairment at the end of the third quarter. Additionally, we have retained a third party to provide an independent valuation, which may result in an adjustment to this estimate in the fourth quarter. Final third quarter results will be reported on Thursday, November 13th. To listen to the Company's third quarter earnings conference call, please dial 877-601-0864 at least ten minutes before 9:00 a.m. EST on November 13th.
