American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced its consolidated financial results for the third quarter ended November 2, 2002:
Third Quarter Ended November 2, 2002
Total sales increased 3.0% to $374.5 million from $363.7 million for the quarter ended November 3, 2001.
Sales for the third quarter 2002 included $21.7 million from the Bluenotes/Thriftys operation, compared to $29.4 million for the corresponding period last year.
Comparable store sales for the American Eagle Outfitters stores declined 5.2% for the quarter ended November 2, 2002.
Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 7.0% when compared to the corresponding period last year.
Net income for the quarter decreased to $27.1 million, or $0.37 per share on a diluted basis, from net income of $30.7 million, or $0.42 per share on a diluted basis last year.
Year-to-Date for the Thirty-Nine Weeks Ended November 2, 2002
Total sales increased 7.0% to $971.6 million from $907.6 million for the thirty-nine weeks ended November 3, 2001.
Sales for the thirty-nine weeks ended November 2, 2002 included $58.0 million from the Bluenotes/Thriftys operation, compared to $70.9 million for the corresponding period last year.
Comparable store sales for the American Eagle Outfitters stores declined 5.0% when compared to the same thirty-nine week period last year.
Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 6.2% when compared to the corresponding period last year.
Net income for the period decreased to $49.9 million, or $0.68 per share on a diluted basis, from net income of $61.6 million, or $0.83 per share on a diluted basis last year.
At 9:00 a.m. EST, on November 14, 2002, 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 broadcast over the Internet at http://www.ae.com. A replay will be available from 1:00 p.m. EST November 14th through November 30th. To listen to the replay, dial 1-800-642-1687 and reference confirmation code #6217908. An audio replay of the conference call will also be available at http://www.ae.com until February 25, 2003.
American Eagle Outfitters 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 694 AE stores in 48 states and the District of Columbia, 56 AE stores in Canada, and 111 Bluenotes/Thriftys stores in Canada. AE also operates via its Internet business, ae.com.