- Record Fiscal 2021 Revenue of $5 Billion; Up 33% versus
Fiscal 2020 and up 16% versus Pre-Pandemic Fiscal 2019
- Adjusted Operating Profit Nearly Doubled versus Pre-Pandemic
Fiscal 2019
- American Eagle and Aerie Expanded Customer Base, Fueling
Record Revenue and Strong Profit Flow Through
American Eagle Outfitters, Inc. (NYSE: AEO) today announced
financial results for the fourth quarter and fiscal year ended
January 29, 2022.
Jay Schottenstein, AEO’s Executive Chairman of the Board and
Chief Executive Officer, commented, “2021 was a milestone year for
AEO. We crossed $5 billion in revenue for the first time in company
history, grew our active customer file to record highs and achieved
our strongest profit result in well over a decade. We leveraged our
healthy cash position to fuel Aerie’s growth and made key
acquisitions, creating an industry-leading supply chain platform
with significant long-term growth and profit potential. I’m
incredibly proud of our associates and their outstanding
performance in 2021, especially amidst ongoing macro
challenges.”
“We entered 2022 a stronger company, supported by our powerful
brands, a proven strategy, improved discipline and strategically
advantaged operations. While the macro environment remains
challenging and we are taking this into account in our plans for
the year, we expect our results to still reflect meaningful
progress versus prior years, setting a new base-line for
profitability. As I look further out, I couldn’t be more excited as
we build on our success and deliver returns to shareholders,” Mr.
Schottenstein continued.
Fourth Quarter 2021 Results:
- Total net revenue increased $216 million, or 17% to $1.51
billion, compared to $1.29 billion in the fourth quarter of
2020.
- Aerie revenue of $428 million rose 27% from fourth quarter 2020
building on 25% growth last year. American Eagle revenue of $1.04
billion rose 11% versus fourth quarter 2020 following a 9% decline
last year.
- Consolidated store revenue increased 32%. Total digital revenue
declined -3%. Compared to the pre-pandemic fourth quarter 2019
base, store revenue increased 4% and digital revenue increased
31%.
- Gross profit of $489 million rose 11% from $440 million in the
fourth quarter of 2020 and reflected a gross margin rate of 32.4%
compared to 34.0% last year. Elevated freight costs amounted to a
$80 million headwind in the quarter. Approximately $60 million was
air freight specific to Vietnam factory closings, which was an
approximately 400 basis point headwind to the gross margin rate.
This was partially offset by strong product demand, customer
delivery efficiencies, higher full-priced sales, lower promotions
and inventory optimization initiatives.
- Selling, general and administrative expense increased 60 basis
points as a rate to sales versus fourth quarter 2020 primarily due
to higher wages for store associates and variable selling
expenses.
- Operating income of $80 million included $80 million of
elevated freight costs of which approximately $60 million was air
freight specific to Vietnam factory closings. Approximately half of
the freight costs related to Aerie and the balance to the American
Eagle brand.
- Adjusted operating income of $92 million, also including $80
million of elevated freight costs, excluded $12 million in
impairment charges and compared to adjusted operating income of
$106 million in the fourth quarter of 2020.
- Average diluted shares outstanding were 203 million, compared
to 197 million in the fourth quarter of 2020. The increase
primarily reflected 32 million shares of unrealized dilution
associated with the company’s convertible notes this year, compared
to 26 million shares in the fourth quarter of 2020.
- EPS of $0.25. Adjusted EPS of $0.35 this quarter excludes $0.04
of store impairment, $0.04 of reorganization costs related to our
EU license operation, within other non-operating expense, and $0.02
of non-cash interest expense on the company’s convertible
notes.
Fiscal Year 2021 Results
- Total net revenue increased $1.3 billion, or 33% to $5.0
billion, compared to $3.8 billion in fiscal year 2020. Compared to
the pre-pandemic fiscal year 2019 base, total net revenue increased
16%.
- Aerie revenue of $1.4 billion rose 39% from fiscal year 2020 on
top of 24% growth last year. American Eagle revenue of $3.6 billion
rose 30% versus fiscal year 2020 following a -21% decline last
year. Compared to the pre-pandemic fiscal year 2019 base, Aerie
revenue increased 72% and AE revenue increased 2%.
- Reflecting migration back to stores, consolidated store revenue
increased 53%. Total digital revenue increased 7%. Compared to the
pre-pandemic fiscal year 2019 base, store revenue increased 3% and
digital revenue increased 46%.
- Gross profit of $2.0 billion rose 73% from $1.1 billion in
fiscal 2020 and reflected a gross margin rate of 39.7% compared to
30.5% last year. Gross margin expansion was driven by strong
product demand, higher full-priced sales, lower promotions, rent
savings, customer delivery efficiencies and inventory optimization
initiatives. This was partially offset by elevated freight costs of
approximately $90 million in the year, of which $70 million was air
freight specific to Vietnam factory closings.
- Selling, general and administrative expense decreased 160 basis
points as a rate to sales versus fiscal year 2020 due to strong
revenue growth.
- Operating income of $591 million included approximately $90
million of elevated freight costs of which approximately $70
million was air freight specific to Vietnam factory closings.
Approximately half of the freight costs related to Aerie and the
balance to the American Eagle brand.
- Adjusted operating income of $603 million, also including $90
million of elevated freight costs, excluded $12 million in
impairment and compared to adjusted operating income of $8 million
in fiscal year 2020.
- Average diluted shares outstanding were 207 million compared to
167 million in the fourth quarter of 2020. The increase primarily
reflected 34 million shares of unrealized dilution associated with
the company’s convertible notes this year.
- EPS of $2.03. Adjusted EPS of $2.19 this year excludes $0.04 of
store impairment, $0.04 of reorganization costs related to our EU
license operation, within other non-operating expense, and $0.07 of
non-cash interest expense on the company’s convertible notes.
Inventory
Total ending inventory at cost increased 37% to $553 million
compared to $405 million last year. The increase was partially
driven by elevated freight costs and product mix. Total inventory
units were up 14%. Additionally, ending inventory reflects earlier
deliveries of Spring shipments to ensure product availability
during ongoing supply chain disruptions.
Capital Expenditures
In the fourth quarter of 2021, capital expenditures totaled $90
million, and for the full-year totaled $234 million.
Cash Flow
The company ended the period with total cash of $435 million
following the purchase of Quiet Logistics and strategic investments
in December 2021 for approximately $360 million.
Shareholder Returns
The company’s fourth quarter cash dividend of $30 million was
paid during the quarter.
Outlook
We are extremely confident in the strength of our brands and
pleased with early performance of spring collections. Based on a
number of macro uncertainties, however, we are taking a cautious
view of 2022. For the year, we expect operating profit to be in the
range of $550 to $600 million, compared to adjusted operating
profit of $603 million in 2021. Our 2022 guidance reflects
structural improvements to our business and significant growth from
pre pandemic 2019, which posted adjusted operating profit of $314
million.
Due largely to stimulus in the first half of 2021, which
contributed to an extraordinary Spring season, combined with
continued freight pressures, we are forecasting an earnings decline
in the first half, followed by a recovery in the second half as we
lap elevated air freight due to factory closures and inventory flow
challenges last year.
Conference Call and Supplemental Financial
Information
Management will host a conference call and real time webcast
today at 4:30 p.m. Eastern Time. To listen to the call, dial
1-877-407-0789 or internationally dial 1-201-689-8562 or go to
www.aeo-inc.com to access the webcast and audio replay.
Additionally, a financial results presentation is posted on the
company’s website.
Non-GAAP Measures
This press release includes information on non-GAAP financial
measures (“non-GAAP” or “adjusted”), including consolidated
adjusted operating income and earnings per share, excluding
non-GAAP items. These financial measures are not based on any
standardized methodology prescribed by U.S. generally accepted
accounting principles (“GAAP”) and are not necessarily comparable
to similar measures presented by other companies. Non-GAAP
information is provided as a supplement to, not as a substitute
for, or as superior to, measures of financial performance prepared
in accordance with GAAP. Management believes that this non-GAAP
information is useful for an alternate presentation of the
company’s performance, when reviewed in conjunction with the
company’s GAAP consolidated financial statements, as it helps
identify underlying trends in our business that could otherwise be
masked by the effect of the items that we exclude in such non-GAAP
measures. Accordingly, we believe that adjusted operating income
provides useful information to investors and others in
understanding and evaluating our operating results, enhancing the
overall understanding of our past performance and future prospects,
and allowing for greater transparency with respect to the key
financial metrics used by our management in our financial and
operational decision-making.
These amounts are not determined in accordance with GAAP and
therefore, should not be used exclusively in evaluating the
company’s business and operations. We encourage investors and
others to review our financial information in its entirety, not to
rely on any single financial measure and to view these non-GAAP
financial measures in conjunction with the related GAAP financial
measures.
About American Eagle Outfitters, Inc.
American Eagle Outfitters, Inc. (NYSE: AEO) is a leading global
specialty retailer offering high-quality, on-trend clothing,
accessories and personal care products at affordable prices under
its American Eagle® and Aerie® brands. Our purpose is to show the
world that there’s REAL power in the optimism of youth. The company
operates stores in the United States, Canada, Mexico, and Hong
Kong, and ships to 81 countries worldwide through its websites.
American Eagle and Aerie merchandise also is available at more than
200 international locations operated by licensees in 25 countries.
For more information, please visit www.aeo-inc.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This release and related statements by management contain
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995), which represent our
expectations or beliefs concerning future events, including first
quarter and annual fiscal 2022 results. All forward-looking
statements made by the company involve material risks and
uncertainties and are subject to change based on many important
factors, some of which may be beyond the company’s control. Words
such as "estimate," "project," "plan," "believe," "expect,"
"anticipate," "intend," “potential,” and similar expressions may
identify forward-looking statements. Except as may be required by
applicable law, we undertake no obligation to publicly update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise and even if experience or
future changes make it clear that any projected results expressed
or implied therein will not be realized. The following factors, in
addition to the risks disclosed in Item 1A., Risk Factors, of our
Annual Report on Form 10-K for the fiscal year ended January 30,
2021 and in any other filings that we may make with the Securities
and Exchange Commission in some cases have affected, and in the
future could affect, the company's financial performance and could
cause actual results for fiscal 2022 and beyond to differ
materially from those expressed or implied in any of the
forward-looking statements included in this release or otherwise
made by management: the negative impacts of the COVID-19 pandemic
and related operational disruptions; the risk that the company’s
operating, financial and capital plans may not be achieved; our
inability to anticipate customer demand and changing fashion trends
and to manage our inventory commensurately; seasonality of our
business; our inability to achieve planned store financial
performance; our inability to react to raw material cost, labor and
energy cost increases; our inability to gain market share in the
face of declining shopping center traffic; our inability to respond
to changes in e-commerce and leverage omni-channel demands; our
inability to expand internationally; difficulty with our
international merchandise sourcing strategies; challenges with
information technology systems, including safeguarding against
security breaches; and global economic, public health, social,
political and financial conditions, and the resulting impact on
consumer confidence and consumer spending, as well as other changes
in consumer discretionary spending habits, which could have a
material adverse effect on our business, results of operations and
liquidity.
AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED BALANCE
SHEETS (Dollars in thousands) (unaudited)
January 29, 2022
January 30, 2021
February 1, 2020
ASSETS Cash and cash equivalents $
434,770
$
850,477
$
361,930
Short-term investments
-
-
55,000
Merchandise inventory
553,458
405,445
446,278
Accounts receivable, net
286,683
146,102
119,064
Prepaid expenses and other
122,013
120,619
65,658
Total current assets
1,396,924
1,522,643
1,047,930
Operating lease right-of-use assets
1,193,021
1,155,965
1,418,916
Property and equipment, at cost, net of accumulated depreciation
728,272
623,808
735,120
Goodwill, net
271,416
13,267
13,157
Intangible assets, net
102,701
57,065
39,847
Non-current deferred income taxes
44,167
33,045
22,724
Other assets
50,142
29,013
50,985
Total assets $
3,786,643
$
3,434,806
$
3,328,679
LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable
$
231,782
$
255,912
$
285,746
Current portion of operating lease liabilities
311,005
328,624
299,161
Accrued compensation and payroll taxes
141,817
142,272
43,537
Unredeemed gift cards and gift certificates
71,365
62,181
56,974
Accrued income taxes and other
16,274
14,150
9,514
Other current liabilities and accrued expenses
70,628
55,343
56,824
Total current liabilities
842,871
858,482
751,756
Non-current operating lease liabilities
1,154,481
1,148,742
1,301,735
Long-term debt, net
341,002
325,290
-
Other non-current liabilities
24,617
15,627
27,335
Total non-current liabilities
1,520,100
1,489,659
1,329,070
Commitments and contingencies
-
-
-
Preferred stock
-
-
-
Common stock
2,496
2,496
2,496
Contributed capital
636,355
663,718
577,856
Accumulated other comprehensive loss
(40,845
)
(40,748
)
(33,168
)
Retained earnings
2,203,772
1,868,613
2,108,292
Treasury stock
(1,378,106
)
(1,407,414
)
(1,407,623
)
Total stockholders' equity
1,423,672
1,086,665
1,247,853
Total liabilities and stockholders' equity $
3,786,643
$
3,434,806
$
3,328,679
Current ratio
1.66
1.77
1.39
AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (Dollars and shares in thousands,
except per share amounts) (unaudited)
GAAP Basis
13 Weeks Ended January 29,2022 % ofRevenue
January 30,2021 % ofRevenue Total net revenue $
1,507,937
100.0
%
$
1,292,294
100.0
%
Cost of sales, including certain buying, occupancy and warehousing
expenses
1,019,252
67.6
%
852,429
66.0
%
Gross profit
488,685
32.4
%
439,865
34.0
%
Selling, general and administrative expenses
349,680
23.2
%
292,059
22.6
%
Impairment and COVID-19 related charges
11,944
0.8
%
102,639
7.9
%
Depreciation and amortization expense
47,107
3.1
%
41,583
3.2
%
Operating income
79,954
5.3
%
3,584
0.3
%
Interest expense, net
8,595
0.6
%
7,993
0.6
%
Other expense (income), net
3,865
0.3
%
(2,889
)
-0.2
%
Income (loss) before income taxes
67,494
4.4
%
(1,520
)
-0.1
%
Provision (benefit) from income taxes
17,066
1.1
%
(5,056
)
-0.4
%
Net income (loss) $
50,428
3.3
%
$
3,536
0.3
%
Net income (loss) per basic share $
0.30
$
0.02
Net income (loss) per diluted share $
0.25
$
0.02
Weighted average common shares outstanding - basic
167,611
166,310
Weighted average common shares outstanding - diluted
203,388
196,585
GAAP Basis 52 Weeks Ended January
29,2022 % ofRevenue January 30,2021 %
ofRevenue Total net revenue $
5,010,785
100.0
%
$
3,759,113
100.0
%
Cost of sales, including certain buying, occupancy and warehousing
expenses
3,018,995
60.3
%
2,610,966
69.5
%
Gross profit
1,991,790
39.7
%
1,148,147
30.5
%
Selling, general and administrative expenses
1,222,000
24.4
%
977,264
26.0
%
Impairment, restructuring and COVID-19 related charges
11,944
0.2
%
279,826
7.4
%
Depreciation and amortization expense
166,781
3.3
%
162,402
4.3
%
Operating income (loss)
591,065
11.8
%
(271,345
)
-7.2
%
Interest expense, net
34,632
0.7
%
24,610
0.7
%
Other (income), net
(2,489
)
-0.1
%
(3,682
)
-0.1
%
Income (loss) before income taxes
558,922
11.2
%
(292,273
)
-7.8
%
Provision (benefit) from income taxes
139,293
2.8
%
(82,999
)
-2.2
%
Net income (loss) $
419,629
8.4
%
$
(209,274
)
-5.6
%
Net income (loss) per basic share $
2.50
$
(1.26
)
Net income (loss) per diluted share $
2.03
$
(1.26
)
Weighted average common shares outstanding - basic
168,156
166,455
Weighted average common shares outstanding - diluted
206,529
166,455
AMERICAN EAGLE OUTFITTERS, INC. GAAP TO NON-GAAP
RECONCILIATION (Dollars in thousands, except per share amounts)
(unaudited)
13 Weeks Ended January 29, 2022
Operatingincome Interestexpense, net Other
expense(income), net Net income Diluted earningsper
commonshare GAAP Basis
$
79,954
$
8,595
$
3,865
$
50,428
$
0.25
% of Revenue
5.3
%
0.6
%
0.3
%
3.3
%
Add: Asset impairment charges
11,944
-
-
8,918
0.04
Add: EU license operations reorganization
-
-
11,909
8,892
0.04
Less: Convertible debt (1)
-
(4,567
)
-
3,410
0.02
Non-GAAP Basis
$
91,898
$
4,028
$
(8,044
)
$
71,648
$
0.35
% of Revenue
6.1
%
0.3
%
-0.5
%
4.8
%
(1) Amortization of the non-cash discount on the Company's
convertible notes
AMERICAN EAGLE OUTFITTERS, INC. GAAP TO
NON-GAAP RECONCILIATION (Dollars in thousands, except per share
amounts) (unaudited)
13 Weeks Ended January 30,
2021 Operatingincome Interestexpense, net Net
income Diluted earningsper commonshare GAAP Basis
$
3,584
$
7,993
$
3,536
$
0.02
% of Revenue
0.3
%
0.6
%
0.3
%
Add: Impairment and COVID-19 related charges (1)
102,639
-
69,321
0.36
Less: Convertible debt (2)
-
(4,209
)
2,843
0.01
Non-GAAP Basis
$
106,223
$
3,784
$
75,700
$
0.39
% of Revenue
8.2
%
0.3
%
5.9
%
(1) $102.6 million pre-tax impairment and COVID-19 related
charges:
- $95.5 million of asset impairment charges - $7.1 million of
incremental COVID-19 related charges
(2) Amortization of the non-cash discount on the Company's
convertible notes
AMERICAN EAGLE OUTFITTERS, INC. GAAP TO
NON-GAAP RECONCILIATION (Dollars in thousands, except per share
amounts) (unaudited)
52 Weeks Ended January 29,
2022 Operatingincome Interestexpense, net
Other (income),net Net income Diluted earningsper
commonshare GAAP Basis
$
591,065
$
34,632
$
(2,489
)
$
419,629
$
2.03
% of Revenue
11.8
%
0.7
%
-0.1
%
8.4
%
Add: Asset impairment charges
11,944
-
-
8,944
0.04
Add: EU license operations reorganization
-
-
11,909
8,917
0.04
Less: Convertible debt (1)
-
(18,519
)
-
13,867
0.07
Non-GAAP Basis
$
603,009
$
16,113
$
(14,398
)
$
451,357
$
2.19
% of Revenue
12.0
%
0.3
%
-0.3
%
9.0
%
(1) Amortization of the non-cash discount on the Company's
convertible notes
AMERICAN EAGLE OUTFITTERS, INC. GAAP TO
NON-GAAP RECONCILIATION (Dollars in thousands, except per share
amounts) (unaudited)
52 Weeks Ended January 30,
2021 Operatingincome (loss) Interestexpense, net
Diluted (loss)earnings percommon share GAAP Basis
$
(271,345
)
$
24,610
$
(1.26
)
% of Revenue
-7.2
%
0.7
%
Add: Impairment, restructuring and COVID-19 related charges
(1)
279,826
-
1.20
Less: Convertible debt (2)
-
(12,272
)
0.06
Non-GAAP Basis
$
8,481
$
12,338
$
0.00
% of Revenue
0.2
%
0.3
%
(1) $279.8 million pre-tax impairment, restructuring and
COVID-19 related charges: - $249.2 million of asset impairment
charges- $26.9 million of incremental COVID-19 related charges-
$3.7 million of restructuring charges including corporate and field
severance (2) Amortization of the non-cash discount on the
Company's convertible notes
AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION (Dollars in thousands,
except per share amounts) (unaudited)
52 Weeks Ended
February 1, 2020 Operating Income GAAP Basis
$
233,345
% of Revenue
5.4
%
Add: Asset Impairment & Restructuring Charges(1):
80,494
Non-GAAP Basis
$
313,839
% of Revenue
7.3
%
(1) $80.5 million pre-tax impairment and restructuring
charges. - $64.5 million of leasehold improvements, store fixtures,
and operating lease right of use assets and a $1.7M
goodwillimpairment charge- $14.2 million of restructuring charges
including $6.7M of corporate and field severance, $4.2M of joint
businessventure exit charges, $1.8M of market transition costs in
Japan and $1.5M of China severance and closure costsfor
company-owned and operated stores
AMERICAN EAGLE OUTFITTERS,
INC. RESULTS BY SEGMENT (Dollars in thousands)
(unaudited)
American Eagle Aerie
Corporate andOther(1) Total 13 weeks ended January
29, 2022 Total net revenue
$
1,043,264
$
428,418
$
36,255
$
1,507,937
Operating income (loss)
$
171,898
$
20,946
$
(112,890
)
$
79,954
Asset impairment
$
10,231
$
1,713
$
-
$
11,944
Adjusted operating income (loss)
$
182,129
$
22,659
$
(112,890
)
$
91,898
Capital expenditures
$
15,944
$
34,062
$
39,436
$
89,442
13 weeks ended January 30, 2021 Total net revenue
$
942,892
$
336,709
$
12,692
$
1,292,294
Operating income (loss)
$
91,863
$
13,438
$
(101,717
)
$
3,584
Impairment and COVID-19 related charges
$
53,560
$
34,634
$
14,445
$
102,639
Adjusted operating income (loss)
$
145,423
$
48,072
$
(87,272
)
$
106,223
Capital expenditures
$
11,245
$
8,915
$
15,223
$
35,383
American Eagle Aerie Corporate
andOther(1) Total 52 Weeks Ended January 29, 2022
Total net revenue
$
3,555,706
$
1,376,269
$
78,810
$
5,010,785
Operating income (loss)
$
785,729
$
212,287
$
(406,951
)
$
591,065
Asset impairment
$
10,231
$
1,713
$
-
$
11,944
Adjusted operating income (loss)
$
795,960
$
214,000
$
(406,951
)
$
603,009
Capital expenditures
$
47,106
$
80,062
$
106,679
$
233,847
52 Weeks Ended January 30, 2021 Total net revenue
$
2,733,849
$
989,989
$
35,275
$
3,759,113
Operating income (loss)
$
93,029
$
60,298
$
(424,672
)
$
(271,345
)
Impairment, restructuring and COVID-19 related charges
$
144,486
$
52,849
$
82,491
$
279,826
Adjusted operating income (loss)
$
237,515
$
113,147
$
(342,181
)
$
8,481
Capital expenditures
$
36,606
$
32,723
$
58,646
$
127,975
(1) Corporate and Other includes revenue and operating
results of the Todd Snyder and Unsubscribed brands, and the Supply
Chain Platform, which have been identified as operating segments
but are not material to disclose as separate reportable segments.
Corporate operating costs represents certain costs that are not
directly attributable to another reportable segment.
AMERICAN
EAGLE OUTFITTERS, INC. STORE INFORMATION (unaudited)
Fourth Quarter YTD Fourth Quarter
2021
2021
Consolidated stores at beginning of period
1,121
1,078
Consolidated stores opened during the period AE Brand
8
23
Aerie stand-alone (incl. OFFLINE) (3)
31
74
Todd Snyder
2
3
Unsubscribed
-
3
Consolidated stores closed during the period AE Brand
(26)
(44)
Aerie stand-alone (incl. OFFLINE)
(3)
(4)
Total consolidated stores at end of period
1,133
1,133
AE Brand
880
Aerie stand-alone (incl. OFFLINE) (3)
244
Aerie side-by-side (incl. OFFLINE) (2)(4)
197
Todd Snyder
5
Unsubscribed
4
Stores remodeled and refurbished during the period
9
22
Total gross square footage at end of period (in '000)
6,931
6,931
International license locations at end of period (1)
248
248
Aerie Openings Aerie stand-alone (incl. OFFLINE) (3)
31
74
Aerie side-by-side (incl. OFFLINE) (2)(4)
12
21
Total Aerie Openings
43
95
(1) International license locations (retail stores and concessions)
are not included in the consolidated store data or the total gross
square footage calculation. (2) Aerie side-by-side and OFFLINE
side-by-side stores are included in the AE Brand store count as
they are considered part of the AE Brand store to which they are
attached. OFFLINE side-by-side stores, when attached to an Aerie
Brand store, are included in the Aerie Brand store count. (3) Aerie
stand-alone stores include 12 OFFLINE openings during the period
and 16 OFFLINE openings YTD, with 20 OFFLINE stores in the
consolidated totals. (4) Aerie side-by-side stores include 8
OFFLINE openings during the period and YTD, with 14 OFFLINE stores
in the consolidated totals.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220302005952/en/
Olivia Messina 412-432-3300 LineMedia@ae.com
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