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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)
December 3,
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 November Sales Of $270.6
Million Same Store Sales Decrease 2% Provides Fourth Quarter EPS Guidance Pittsburgh - December 3, 2009 -- American Eagle Outfitters, Inc. (NYSE: AEO)
today announced that total sales for the four weeks ended November 28, 2009
decreased 1% to $270.6 million, compared to $272.8 million for the four weeks
ended November 29, 2008. Comparable store sales decreased 2% for the
month, compared to an 11% decrease for the same period last year. Although store traffic remained choppy throughout November, customers
responded well to the holiday assortment, leading to the company's best-ever
November conversion rate. Sales results over Thanksgiving weekend were positive,
delivering a comparable stores sales increase of 3% on reduced promotional
activity. Total sales for the 43 week year-to-date period ended November 28, 2009
decreased 3% to $2.289 billion, compared to $2.356 billion for the 43 weeks
ended November 29, 2008. Comparable store sales decreased 7% for the
year-to-date period compared to an 8% decline for the same period last year. Regarding the fourth quarter outlook, the company is comfortable with its
inventory position, with increases focused in strong performing businesses,
including denim and woven shirts. The company is providing fourth quarter
earnings guidance of $0.29 to $0.32 per diluted share. This guidance excludes
any potential investment security or store impairment charges. This compares to
non-GAAP earnings of $0.19 per diluted share last year, which excluded
impairment charges of $0.03 per diluted share related to stores and investment
securities. To access the company's recorded monthly sales commentary, please dial (866)
514-0390, or internationally dial (585) 267-8021. 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 January 31, 2009
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:
December 4, 2009
By:
Joan Holstein Hilson
EXHIBIT INDEX
GAAP to Non-GAAP reconciliation
Diluted EPS on a GAAP basis
$0.16
Add back: Impact of other-than-temporary impairment
charge related to investment securities
0.01
Add back: Impact of store impairment
0.02
Non-GAAP Diluted EPS
$0.19
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 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 the company's fourth quarter sales and 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.
November 2009
Recorded Sales Commentary dated December 3, 2009
Good morning and welcome to the American Eagle Outfitters November 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 November 28, 2009 decreased 1% to $270.6 million compared to $272.8 million for the four weeks ended November 29, 2008. Consolidated comparable store sales declined 2%, compared to an 11% decrease for the same period last year.
Within the AE brand, business improved as the month progressed. We were pleased with sales over Thanksgiving weekend, which delivered a comp increase of 3%, on reduced promotional activity compared to last year. Our planned events, including the $20 hoodie promo, were highly effective, driving increased traffic and a higher conversion rate.
Overall for the month, traffic remained choppy, yet customers responded well to the holiday assortment, leading to our best-ever November conversion rate. This resulted in an increase in average transaction counts. The average unit retail price declined in the high-single digits, reflecting planned value pricing. Markdowns were well controlled, leading to an increase in the merchandise margin in November.
AE women's comps decreased slightly, and men's declined in the mid-single digits. The best performing categories were men's and women's denim, woven shirts, graphic tees, fleece and jewelry. Underperforming areas included outerwear, men's sweaters, women's pants and handbags.
AEO direct sales declined 9% in November. However, Thanksgiving weekend, which is not included in November sales, was strong, with sales increasing in the high-teens.
We remain comfortable with our fourth quarter inventory position, with increases weighted in strong performing businesses, including denim and woven shirts. Consistent with November, we expect fourth quarter markdowns to decline compared to last year. Our current fourth quarter EPS expectation is $0.29 to $0.32. This excludes potential investment security and store impairment charges.
We will report December sales on Thursday, January 7th. Thank you for your continued interest in American Eagle Outfitters and have a Happy Holiday Season.