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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)
July 8,
2010
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 June Sales Of $249 Million Same Store Sales Decrease 1% Updates Second quarter EPS guidance Pittsburgh - July 8, 2010 -- American Eagle Outfitters, Inc. (NYSE: AEO)
today announced that total sales for the five weeks ended July 3, 2010 increased
1% to $249 million, compared to $246 million for the five weeks ended July 4,
2009. Comparable store sales decreased 1% for the month, compared to an
11% decrease for the same period last year. Total sales for the 22 week year-to-date period ended July 3, 2010 increased
5% to $1.102 billion, compared to $1.054 billion for the 22 weeks ended July 4,
2009. Comparable store sales increased 2% for the year-to-date period compared
to a 10% decline for the same period last year. Based on recent business trends and deeper promotions, the company now
expects second quarter adjusted earnings to be on the low end of the guidance
range of $0.12 to $0.16 per diluted share. On a GAAP basis, the second quarter
guidance range is ($0.01) to $0.03 per diluted share and includes estimated
closing charges and an operating loss related to MARTIN+OSA of approximately
$0.13 per diluted share as outlined in the table below. This guidance excludes
the potential impact of severance and investment security charges. Second
quarter guidance compares to adjusted EPS of $0.18 per diluted share for the
second quarter ended August 1, 2009, which excludes a tax benefit, a non-cash,
non-operating foreign currency loss and an operating loss related to MARTIN+OSA
as outlined in the table below. During the month, the company repurchased 6.7 million shares, bringing the
year-to-date total to 10.7 million shares for a total of $153 million. This
leaves 19.3 million shares remaining under the current authorization. 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 ("non-GAAP" or "adjusted"). 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) July 31, 2010
July 31, 2010
Low Range
High Range Deduct:
Tax benefit
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:
July 8, 2010
By:
Joan Holstein Hilson
EXHIBIT INDEX
GAAP to Non-GAAP reconciliation
13 Weeks Ending
13 Weeks Ended
August 1, 2009
Diluted EPS on a GAAP basis
($0.01)
$0.03
$0.14
Add back: MARTIN+OSA operating loss and shut down costs
0.13
0.13
0.04
0.12
0.16
0.18
-
-
(0.02)
Add back: Non-cash, non-operating foreign currency loss
-
-
0.02
Non-GAAP Diluted EPS
$0.12
$0.16
$0.18
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 934 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 143 standalone stores in the U.S. and Canada and online at www.aerie.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 76 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 second 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 second 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.
June 2010
Recorded Sales Commentary dated July 8, 2010
Good morning and welcome to the American Eagle Outfitters June 2010 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 five weeks ended July 3rd, 2010 increased 1% to $249 million compared to $246 million for the five weeks ended July 4th, 2009. Consolidated comparable store sales decreased 1%, compared to an 11% decrease for the same period last year.
June sales were below expectations. After the benefit of the Memorial Day shift, which drove sales early in the month, weak business trends persisted throughout June. This necessitated deeper promotions to clear through summer merchandise, which led to a low double-digit decline in the average unit retail price. Promotional pricing lifted unit sales, which increased in the positive mid-teens, and transactions were up in the low single-digits.
We are selling through inventory and we ended June with clearance units down to last year. AE men's and women's sales comps declined in the low single digits. Overall strength in bottoms, was offset by less consistent results in tops, primarily in women's tees and graphics.
Our initial back to school assortment arrived in stores this week, with a follow-on update arriving in time for peak back-to-school shopping in early August.
Now an update on share buy-backs. During the month, we repurchased 6.7 million shares, bringing the year-to-date total to 10.7 million shares for a total of $153 million. This leaves 19.3 million shares remaining under the current authorization.
Based on the recent business trends and deeper promotions, we see second quarter adjusted earnings on the low end of our guidance range of $0.12 to $0.16 cents per diluted share. This compares to EPS of $0.18 cents last year. This guidance excludes $0.13 cents of estimated closing charges and an operating loss related to MARTIN+OSA. It also excludes the potential impact of severance and investment security charges.
We will announce July sales on Thursday, August 5. Thank you for your continued interest in American Eagle Outfitters.