EXHIBIT 99.1

AMERICAN EAGLE
OUTFITTERS

Reports Record Third Quarter EPS of $0.77
and Raises Fourth Quarter EPS Guidance to $1.00 - $1.03

Warrendale, PA, November 11, 2004 - American Eagle Outfitters, Inc. (NASDAQ: AEOS) today announced its consolidated financial results for the third quarter ended October 30, 2004. Management also stated that based on continued positive sales trends, the Company is raising its fourth quarter earnings guidance to $1.00 to $1.03 per share. This compares to $0.49 per share in the fourth quarter of last year, which included a goodwill impairment charge of $0.08 per share related to Bluenotes. The Company previously stated that it was comfortable with the First Call mean earnings estimate of $0.92 per share for the fourth quarter.

Third Quarter Ended October 30, 2004

• Total sales increased 34.7% to $503.4 million from $373.8 million for the quarter ended November 1, 2003.

• Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, increased 24.9% when compared to the corresponding period last year. 

• Gross profit as a percent to sales increased to 47.1% from 38.1% last year due primarily to an improvement in merchandise margins.

• Operating income for the quarter increased to $95.8 million, or 19.0% as a percent to sales, from $21.2 million, or 5.7% as a percent to sales last year.

• Net income for the quarter increased to $58.0 million, or $0.77 per share on a diluted basis, from adjusted net income* of $18.1 million, or $0.25 per share on a diluted basis last year. Adjusted net income* for the prior year excludes a goodwill impairment charge related to Bluenotes of $8.0 million, or $0.11 per share on a diluted basis.

Year-to-Date for the Nine Months Ended October 30, 2004

• Total sales increased 26.4% to $1.267 billion from $1.003 billion for the nine months ended November 1, 2003.

• Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, increased 16.3% when compared to the corresponding period last year.

• Gross profit as a percent to sales increased to 43.5% from 35.8% last year due primarily to an improvement in merchandise margins.

• Operating income for the period increased to $183.7 million, or 14.5% as a percent to sales, from $43.5 million, or 4.3% as a percent to sales last year.

• Net income for the year-to-date period increased to $112.8 million, or $1.51 per share on a diluted basis, from adjusted net income* of $32.6 million, or $0.45 per share on a diluted basis last year. Adjusted net income* for the prior year excludes a goodwill impairment charge related to Bluenotes of $8.0 million, or $0.11 per share on a diluted basis.

* A complete definition and discussion of the Company's use of non-GAAP measures, identified by an asterisk (*), is located at the end of this release.

"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 fourth 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 fourth quarter sales, markdowns and/or 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 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.

* * * *

At 9:00 a.m. EST, on November 11, 2004, 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 www.ae.com. A replay will be available beginning November 11th at 1:00 p.m. EST through November 25th. To listen to the replay, dial 1-800-642-1687 and reference confirmation code #1162887. 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, 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, and graphic Ts as well as a stylish assortment of cool accessories, outerwear and footwear. AE's Canadian subsidiary, Bluenotes/Thriftys, offers a more urban/suburban, denim-driven collection for 12 to 22 year olds. American Eagle Outfitters currently operates 773 AE stores in 49 states, the District of Columbia and Puerto Rico, 69 AE stores in Canada, and 109 Bluenotes/Thriftys stores in Canada. AE also operates via its Web business, www.ae.com, which offers additional sizes and styles of favorite AE merchandise.

Non-GAAP Measure Disclosure

The following definitions are provided for the two non-GAAP (Generally Accepted Accounting Principles) measures used by the Company in this release. The two measures are adjusted net income and adjusted earnings per share. Each use is indicated by an asterisk*. We do not intend for these two non-GAAP measures to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define the measures differently.

Adjusted Financial Results

In this release, adjusted net income and adjusted EPS each exclude the non-cash goodwill impairment charge of $8.0 million, or $0.11 per share, which was recorded during the quarter ended November 1, 2003 related to our Bluenotes operation. We believe that these adjusted measures provide investors with an important perspective on the current underlying operating performance of our businesses by isolating and excluding the impact of the non-cash impairment charge related to our acquisition of the Bluenotes business in fiscal 2000.

• Adjusted net income: In this release, we define "adjusted net income" to start with GAAP net income and then add back the $8.0 million Bluenotes non-cash goodwill impairment charge. The table below shows a reconciliation between GAAP net income and adjusted net income.

• Adjusted EPS: In this release, we define "adjusted EPS" to start with GAAP EPS and then add back the $0.11 per share Bluenotes non-cash goodwill impairment charge. The table below shows a reconciliation between GAAP EPS and adjusted EPS.

Non-GAAP Financial Measures:
Reconciliation of GAAP Net Income and EPS to Adjusted Net Income and EPS
		Three Months Ended				Nine Months Ended
		October 30, 2004		November 1, 2003		October 30, 2004		November 1, 2003
Reported GAAP Net Income	$	58,049	$	10,139	$	112,780	$	24,646
Non-Cash Goodwill Impairment Charge		-		8,000		-		8,000
Adjusted Net Income	$	58,049	$	18,139	$	112,780	$	32,646
Reported GAAP EPS	$	0.77	$	0.14	$	1.51	$	0.34
Non-Cash Goodwill Impairment Charge		-		0.11		-		0.11
Adjusted EPS	$	0.77	$	0.25	$	1.51	$	0.45

AMERICAN EAGLE OUTFITTERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
		(Unaudited)				(Unaudited)
		October 30, 2004		January 31, 2004		November 1, 2003
ASSETS
Cash, cash equivalents and short-term investments	$	384,640	$	337,812	$	206,078
Merchandise inventory		204,972		120,586		193,796
Other current assets		87,455		67,225		84,740
Total current assets		677,067		525,623		484,614
Property and equipment, net		310,512		278,689		288,230
Goodwill, net		10,136		10,136		15,614
Other assets, net		59,510		50,623		44,905
Total Assets	$	1,057,225	$	865,071	$	833,363
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	84,303	$	71,330	$	98,018
Accrued compensation and payroll taxes		39,985		14,409		18,073
Accrued rent		31,749		30,985		29,079
Accrued income and other taxes		27,646		28,669		17,769
Unredeemed stored value cards and gift certificates		15,451		25,785		13,507
Current portion of note payable		-		4,832		4,874
Other current liabilities		15,715		13,025		13,269
Total current liabilities		214,849		189,035		194,589
Note Payable		-		13,874		15,213
Other non-current liabilities		21,933		18,492		15,050
Total non-current liabilities		21,933		32,366		30,263
Total stockholders' equity		820,443		643,670		608,511
Total Liabilities and Stockholders' Equity	$	1,057,225	$	865,071	$	833,363
Current Ratio		3.15		2.78		2.49

AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars and shares in thousands, except per share amounts) (Unaudited)
		Three Months Ended				Nine Months Ended
		October 30, 2004		November 1, 2003		October 30, 2004		November 1, 2003
Net sales	$	503,431	$	373,800	$	1,267,233	$	1,002,713
Cost of sales, including certain buying,
occupancy and warehousing expenses		266,041		231,531		715,682		643,267
Gross profit		237,390		142,269		551,551		359,446
Selling, general and administrative expenses		125,408		98,732		321,330		266,414
Depreciation and amortization		16,176		14,373		46,482		41,552
Goodwill impairment loss		-		8,000		-		8,000
Operating income		95,806		21,164		183,739		43,480
Other income (expense), net		(596)		483		901		1,638
Income before income taxes		95,210		21,647		184,640		45,118
Provision for income taxes		37,161		11,508		71,860		20,472
Net income	$	58,049	$	10,139	$	112,780	$	24,646
Basic income per common share	$	0.80	$	0.14	$	1.56	$	0.35
Diluted income per common share	$	0.77	$	0.14	$	1.51	$	0.34
Weighted average common shares outstanding - basic		73,002		71,130		72,253		71,091
Weighted average common shares outstanding - diluted		75,785		72,234		74,468		72,189

Total gross square footage at end of period:
American Eagle Outfitters Stores	4,489,606	4,157,046
Bluenotes/Thriftys Stores	351,659	354,206

Store count at end of period:
American Eagle Outfitters Stores	839	798
Bluenotes/Thriftys Stores	108	111

Company Contacts:    

Laura Weil
Judy Meehan
724-776-4857