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)
May 30, 2013
AMERICAN EAGLE OUTFITTERS, INC.
(Exact name of registrant as specified in its charter)
1-33338 |
13-2721761 | |||
(State of
incorporation) |
|
(Commission File
Number) |
|
(IRS Employer Identification
No.) |
77 Hot Metal Street |
|
15203-2329 |
(Address of principal executive
offices) |
|
(Zip
Code) |
(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):
[ ] |
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)) |
ITEM 5.07. Submission of Matters to a Vote of Security Holders. | ||
On May 30, 2013, American Eagle Outfitters, Inc. (the "Company") held
its annual meeting of stockholders in New York, New York (the
"Annual Meeting"). As of April 5, 2013, the Company's record
date, there were a total of 192,544,595 shares of Common Stock
outstanding and entitled to vote at the Annual Meeting. At the
Annual Meeting, 176,646,265 shares of Common Stock were represented in
person or by proxy and, therefore, a quorum was present. The stockholders of the Company voted on the following: 1. Election of three Class III directors to serve until the 2016 annual meeting of stockholders, or until their successors are duly elected and qualified and the election of one Class II director to serve until the 2015 annual meeting of stockholders or until his successor is duly elected and qualified; 2. An advisory vote on the compensation of the Company's named executive officers; and 3. Ratification of the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending February 1, 2014. Votes regarding the election of the director nominees were as follows: Name For Against Abstain Broker Non-Votes Robert L. Hanson (Class III) 149,773,625 2,885,742
120,018 23,866,880 Based on the votes set forth above, the director nominees were duly elected. The following persons continue to serve as Class I directors: Michael G. Jesselson, Roger S. Markfield and Jay L. Schottenstein. The following persons continue to serve as Class II directors: Janice E. Page and Noel J. Spiegel. Votes regarding the advisory vote on the compensation of the Company's named executive officers were as follows: For Against Abstain Broker Non-Votes 148,591,775 3,998,727 188,883 23,866,880 Based on the votes set forth above, the compensation of the Company's named executive officers was approved. Votes regarding the ratification of the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending February 1, 2014 were as follows: For Against Abstain Broker Non-Votes 175,363,128 1,110,053 173,084 0 Based on the votes set forth above, the appointment of Ernst & Young
LLP as the Company's independent registered public accounting firm for
the fiscal year ending February 1, 2014 was duly ratified. |
||
ITEM 7.01. Regulation FD Disclosure | ||
A copy of management's prepared remarks for the Annual Meeting is attached hereto as Exhibit 99.1. |
||
ITEM 9.01. Financial Statements and Exhibits | ||
(c) Exhibits | ||
Exhibit No. | Description | |
99.1* | Management's prepared remarks for the Company's Annual Meeting of Stockholders | |
* Such Exhibit is being "furnished" (not filed) pursuant to Item 7.01 of the Current Report on Form 8-K. |
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.
AMERICAN EAGLE OUTFITTERS, INC. | ||||
(Registrant) | ||||
Date: May 31, 2013 | By: |
/s/ Cornelius Bulman, Jr. | ||
Cornelius Bulman, Jr. | ||||
Vice President, General Counsel and Secretary |
EXHIBIT INDEX
Exhibit Number |
Description | |
99.1* | Management's prepared remarks for the Company's Annual Meeting of Stockholders | |
* Such Exhibit is being "furnished" (not filed) pursuant to Item 7.01 of the Current Report on Form 8-K. |
Exhibit 99.1
AMERICAN EAGLE OUTFITTERS, INC.
Script for Twentieth Annual Meeting of Stockholders
May 30, 2013
Robert Hanson: Good morning ladies and gentlemen. My name is Robert Hanson. I am Chief Executive Officer of American Eagle Outfitters. On behalf of Management, welcome to our Twentieth Annual Meeting of Stockholders.
I would now like to introduce the other directors of the Company and director nominees who are here today:
Members of Management who are here today include:
Before we get started, please keep in mind that any forward looking statements we may make today are subject to our Safe Harbor Statement and business risks, which can be found in our most recent 10-K and 10-Q.
2012 Accomplishments Slide
2012 was a great year for American Eagle Outfitters and a critical first step in evolving to be a distinctively branded, multi-channel that can successfully and profitably compete on a global stage.
Immediate Priorities Slide
Last year I laid out our immediate priorities and the team executed well to these.
The teams' focus on these priorities and efforts to strengthen merchandising led to one of our best years in recent history. We delivered a brand and product-driven customer experience, sharper and more distinctive for our customers.
Strategy Slide
Fiscal 2012 Highlights Slide
The team's focus on these priorities and efforts to strengthen merchandising led to one of our best years in recent history in 2012.
We WELL-exceeded all of our targeted annual financial metrics:
First Quarter Recap Slide
Given the macro climate and soft demand for seasonal merchandise, delivering growth over a strong quarter last year was difficult. Our gross margin, however, did expand benefitting from the reduction in cotton costs, some supply chain efficiencies and inventory disciplines.
Although the first quarter was challenging, we made great progress and maintain a favorable outlook on the remainder of the year and continue to have confidence in the fundamentals of our business and long-term targets.
Financial Targets Slide
Pathway to 7%-9% Revenue CAGR Slide
Our targeted revenue CAGR will be achieved through:
Gross Margin Path to Target Slide
Capital Allocation Slide
As previously stated our goal is to drive consistency in our business performance and we have the same goal for shareholder returns.
Strategic Plan Slide
Now I'll pass it back to Robert to discuss the initiatives to help us achieve these targets.
Strategic Plan Progression Slide
Our strategic plan is built around four pillars. Fortify, Grow, Transform and Return
Fortify Our Brands Slide
Fortify Our Process Slide
Differentiated Supply Chain Slide
Fortify Our Process Slide
In 2013 we are making significant investments in upgrading our systems, which we expect to generate returns in both the near and longer-term.
Technology Upgrades
Oracle
Flexible Fulfillment
Distribution Center
Grow North America Slide
Grow E-Commerce Slide
Distort Famous For Categories:
Enhance Customer Experience:
Launch Personalization
Expand Unique Online Merchandise:
Transform Global Omni-Channel Slide
For example:
Return to Shareholders Slide
Summary Slide
Now we can take your questions.
[Management responded to several questions raised by meeting attendees.]
Robert Hanson: Continuing with today's business, at the direction of the Board of Directors, Notice of this meeting, a Proxy Statement and Proxy Card, or Internet Notice was sent on or about April 17, 2013 to all stockholders of record. Copies of the Proxy Statement and our Annual Report on Form 10-K are available at the door.
I would like to ask Neil Bulman to serve as Inspector of Election for this meeting.
Any stockholder present who desires to vote in person rather than by proxy should now raise your hand so the Inspector can furnish you a ballot to complete.
Will the Inspector determine and report whether a quorum is present.
Neil Bulman: Mr. Chairman, we have a quorum. There are represented at this meeting in person or by proxy more than 50% of all shares entitled to vote at the meeting. The unofficial total of shares represented is 176,646,265 which is approximately 92% of all shares entitled to vote.
ELECTION OF DIRECTORS
Robert Hanson: As stated in the Notice, the first item of business at this meeting is the election of directors. Our Board is divided into three classes. Three Class III directors and one Class II director will be elected today to serve until the 2016 and 2015 annual meetings of stockholders, respectively. The nominees are:
- Myself,
- Thomas Ketteler, Retired Schottenstein Stores Corporation Executive,
- Cary McMillan, Chief Executive Officer of True Partners Consulting, LLC and
- David Sable, Global Chief Executive Officer of Y&R Advertising.
Mary, will you present the resolution?
Mary Boland: RESOLVED, that the following individuals, namely Robert Hanson, Thomas Ketteler and Cary McMillan be elected as Class III Directors to serve until the 2016 Annual Meeting of Stockholders or until their successors are elected and the following individual, namely David Sable be elected as a Class II Director to serve until the 2015 Annual Meeting of Stockholders or until his successor is elected.
Neil Bulman: Mr. Chairman, I second the motion.
ADVISORY VOTE ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS
Robert Hanson: The second item of business for this meeting is the proposal to hold an advisory vote on the compensation of our named executive officers. Mary, will you present the proposal?
Mary Boland: RESOLVED, that the stockholders approve, on an advisory basis, the compensation of the named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion, as set forth in the Proxy Statement for the Annual Meeting.
Neil Bulman: Mr. Chairman, I second the motion.
AUDITOR RATIFICATION
Robert Hanson: The third item of business for this meeting is the proposal to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending February 1, 2014 as described in our Proxy Statement. Mary, will you present the proposal?
Mary Boland: RESOLVED, that the stockholders ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending February 1, 2014.
Neil Bulman: Mr. Chairman, I second the motion.
INTRODUCE ERNST & YOUNG
Robert Hanson: Before I announce the results, I would like to introduce Carmine Romano and Pete Robinson, partners at Ernst & Young, our independent auditors. Carmine, you have the opportunity to make a statement. Carmine is also available to answer any questions on our financial statements.
Carmine Romano: I have no comments to make at this time.
Robert Hanson: Will the Inspector of Election please collect any ballots. All results announced today are subject to verification and will be recorded in the minutes of this meeting to reflect the final count.
I am pleased to announce that each of the candidates for Director has been elected.
The advisory vote on the compensation of our named executive officers has been approved.
The proposal to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm has been approved.
Robert Hanson: Since there is no further business, I will now entertain a motion to adjourn.
Mary Boland: Mr. Chairman, I move that the meeting be adjourned.
Neil Bulman: I second the motion.
Robert Hanson: Hearing no objection, this meeting is adjourned. Once again, thank you for attending. We appreciate your support.