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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
November 5,
2009
AMERICAN EAGLE OUTFITTERS, INC.
(Exact name of registrant as specified
in its charter)
77 Hot Metal Street
(412) 432-3300
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if
changed since last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below):
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
/s/Joan Holstein Hilson
Executive Vice President and Chief Financial Officer
Exhibit 99.1 American Eagle Outfitters Reports October Sales Of $195.1
Million Same Store Sales Decrease 5% Updates Third Quarter Earnings Pittsburgh - November 5, 2009 -- American Eagle Outfitters, Inc. (NYSE: AEO)
today announced that total sales for the four weeks ended October 31, 2009
decreased 5% to $195.1 million, compared to $204.8 million for the four weeks
ended November 1, 2008. Comparable store sales decreased 5% for the month,
compared to a 12% decrease for the same period last year. Total sales for the third quarter ended October 31, 2009 decreased 1% to
$749.0 million, compared to $754.0 million for the third quarter ended November
1, 2008. Comparable store sales decreased 4% for the third quarter compared to a
7% decline for the same period last year. Total sales for the 39 week year-to-date period ended October 31, 2009
decreased 3% to $2.019 billion, compared to $2.083 billion for the 39 weeks
ended November 1, 2008. Comparable store sales decreased 8% for the year-to-date
period compared to a 7% decline for the same period last year. Management expects third quarter non-GAAP earnings to be $0.20 to $0.21 per
diluted share, which excludes an expected tax benefit of approximately $0.07 per
diluted share associated with the repatriation of earnings from Canada. This
guidance excludes the possibility of additional impairments or losses related to
investment securities. This compares to third quarter non-GAAP earnings of $0.30
per diluted share last year, which excluded a $0.09 per share
other-than-temporary impairment charge related to auction rate securities.
Previous third quarter non-GAAP earnings guidance was $0.19 to $0.21 per diluted
share which excluded a tax benefit of approximately $0.05 per diluted share
associated with the repatriation of earnings from Canada. To access the company's recorded monthly sales commentary, please dial (866)
514-0390, or internationally dial (585) 267-8021. The company will announce third quarter earnings on Tuesday, November 24.
Management will host a conference call at 9:00 a.m. Eastern Time that morning.
To listen to the call, please dial (877) 407-0789 or internationally dial (201)
689-8562. The conference call will also be simultaneously broadcast over the
Internet at http://www.ae.com/. Anyone unable
to listen to the call may access a replay beginning at 12:00 p.m. Eastern Time.
To listen to the replay, dial (877) 660-6853, or internationally dial (201)
612-7415, and reference account 3055 and confirmation code 322155. An audio
replay of the conference call will also be available at http://www.ae.com/. Non-GAAP Measures This press release includes information on non-GAAP earnings per diluted
share information. This measure is not based on any standardized methodology
prescribed by U.S. generally accepted accounting principles ("GAAP") and is not
necessarily comparable to similar measures presented by other companies. The
Company believes that this non-GAAP information is useful as an additional means
for investors to evaluate the Company's operating performance, when reviewed in
conjunction with the Company's GAAP financial statements. This amount is not
determined in accordance with GAAP and therefore, should not be used exclusively
in evaluating the Company's business and operations.
AMERICAN EAGLE OUTFITTERS, INC.
(unaudited)
13 Weeks Ended October 31,
October 31, Deduct:
Impact of tax benefit related to repatriation of earnings from
Canada
Pittsburgh, Pennsylvania
[ ]
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
AMERICAN EAGLE OUTFITTERS, INC.
(Registrant)
Date:
November 5, 2009
By:
Joan Holstein Hilson
EXHIBIT INDEX
GAAP to Non-GAAP reconciliation
2009
2009
November 1,
2008
Low Range
High Range
Diluted EPS on a GAAP basis
$0.27
$0.28
$0.21
(0.07)
(0.07)
-
Add back: Impact of other-than-temporary impairment
charge related to auction rate securities
-
-
0.09
Non-GAAP Diluted EPS
$0.20
$0.21
$0.30
American Eagle Outfitters, Inc., through its subsidiaries, ("AEO, Inc.") offers high-quality, on-trend clothing, accessories and personal care products at affordable prices. The American Eagle Outfitters brand targets 15 to 25 year old girls and guys, with 952 stores in the U.S. and Canada and online at www.ae.com. aerie by american eagle offers Dormwear and intimates collections for the AE girl, with 137 standalone stores in the U.S. and Canada and online at www.aerie.com. MARTIN + OSA provides clothing and accessories for 28 to 40 year old men and women at its 28 stores and online at www.martinandosa.com. The latest brand, 77kids by american eagle, is available online only at www.77kids.com. 77kids offers "kid cool," durable clothing and accessories for kids ages two to 10. AE.COM, the online home of the brands of AEO, Inc. ships to more than 60 countries worldwide.
"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 the Company's third quarter earnings expectations may not be achieved and the risks described in the Risk Factor Section of the company's Form 10-K and Form 10-Q filed 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: American Eagle Outfitters, Inc.
Judy Meehan, 412-432-3300
EXHIBIT 99.2
American Eagle Outfitters, Inc.
October 2009
Recorded Sales Commentary dated November 5, 2009
Good morning and welcome to the American Eagle Outfitters October 2009 Sales Commentary. This is Judy Meehan, Vice President of Investor Relations. During this call, I will make certain forward-looking statements based on our current expectations. Actual results may be materially different based on risk factors included in our quarterly and annual reports filed with the SEC.
Total sales for the four weeks ended October 31, 2009 declined 5% to $195.1 million, compared to $204.8 million for the four weeks ended November 1, 2008. Consolidated comparable store sales declined 5%, compared to a 12% decrease for the same period last year.
After a very positive start to the month, store traffic slowed during the second half, and was down in the mid-single digits for October. Importantly, the conversion rate increased slightly compared to last year, and held fairly consistent throughout the month. We offered fewer promotions compared to last year. This year, we have a planned approach toward AE promotions, reflecting tighter inventories across most key categories. For the month, the average unit retail price increased in the mid single-digits, and transaction value was up slightly.
AE women's comps declined in the mid single-digits, and men's declined in the high single-digits. Denim and woven shirts continued to be among the best performing categories. Although store traffic in October was disappointing, we continue to be optimistic about our opportunities this season. Beginning this month, we will launch planned promotions to highlight strong value during key selling periods. An update to the AE Holiday floor-set will arrive in stores on November 13th.
Now regarding the third quarter, comparable store sales declined 4%, which was consistent with our plan and a sequential improvement from the 10% comp decline in the first half. We expect third quarter non-GAAP earnings to be approximately $0.20 to $0.21 per share which excludes a tax benefit of approximately $0.07 per share. This compares to non-GAAP earnings of $0.30 per share last year, which excluded a $0.09 per share other-than-temporary impairment charge related to auction rate securities.
Due to the importance of Thanksgiving weekend, we will provide fourth quarter EPS guidance along with November sales on Thursday, December 3rd. We will report third quarter earnings on Tuesday, November 24th. Management will host a conference call at 9:00 a.m. Eastern Time that morning. To listen to the earnings conference call, please dial 1-877-407-0789.
Thank you for your continued interest in American Eagle Outfitters.