- Achieved second highest fourth quarter revenue in company
history
- Adjusted operating profit of $96 million increased to last
year and 2019
- Delivered strong free cash flow and declared a quarterly
cash dividend of $0.10 per share
- Aerie posted all-time high fourth quarter revenue and
operating profit
- American Eagle demonstrated a sequential improvement in
revenue trends with operating profit up to 2019
American Eagle Outfitters, Inc. (NYSE: AEO) today announced
financial results for the fourth quarter and full year fiscal 2022
ended January 28, 2023.
“I am proud of how our teams navigated through unanticipated
macro challenges this year, which pressured top line demand as we
lapped record strength in 2021. In response, we took aggressive
actions early in the year on inventory and spending to strengthen
margins and increase free cash flow. We saw meaningful improvements
as the year progressed. We ended 2022 in a healthy financial
position and I’m pleased to reinstate our quarterly cash dividend,”
commented Jay Schottenstein, AEO’s Executive Chairman of the Board
and Chief Executive Officer.
“Looking ahead, I am encouraged by several positives. Our
inventory levels are healthy. The global supply chain has
stabilized, restoring agility to our operations with a more
normalized cost environment. Our brands are poised to deliver
innovation and quality to our customers and to benefit from
emerging fashion trends. Yet, our visibility into the macro remains
limited and we are taking a cautious view on 2023. We will stay
disciplined, maintain sharp control over expenses and seek ongoing
efficiencies to drive shareholder returns.”
Fourth Quarter 2022 Results:
- Total net revenue of $1.5 billion was down 1% to the fourth
quarter of 2021. Our supply chain business, Quiet Platforms,
contributed approximately 1 percentage point to revenue growth.
Brand revenue declined 2%, exceeding company expectations for a
mid-single digit decline.
- Aerie revenue of $464 million rose 8% versus fourth quarter
2021. Comp sales declined 2% versus fourth quarter 2021. American
Eagle revenue of $962 million declined 8% versus fourth quarter
2021. Comp sales declined 9% versus fourth quarter 2021.
- Consolidated store revenue was flat. Total digital revenue
declined 9%. Compared to pre-pandemic fourth quarter 2019, store
revenue increased 5% and digital revenue increased 19%.
- Gross profit of $507 million increased approximately 4%
compared to $489 million in the fourth quarter of 2021 and
reflected a gross margin rate of 33.9% compared to 32.4% last year.
This exceeded company expectations for the high-end of 32-33% due
to lower than anticipated promotions. Stronger merchandise margins
reflected lower product and transportation costs with a partial
offset from higher markdowns. Lower compensation and delivery costs
also had a positive impact on margins offset by higher distribution
and warehousing costs and higher rent. Quiet Platforms was an 80
basis point reduction to gross margin as that business continues to
scale.
- Selling, general and administrative expense of $351 million was
flat to last year and in-line with guidance. SG&A increased 30
basis points as a rate to sales versus fourth quarter 2021.
- GAAP operating income was $74 million. Non-GAAP operating
income of $96 million, reflected a 6.4% margin. This excluded $18
million of impairment and restructuring charges primarily related
to stores. The company also incurred a $4 million impairment and
restructuring charge due to the closing of Quiet Platform’s
Jacksonville facility, which was replaced by a higher productivity
location in Atlanta. Quiet Platforms generated a $17 million GAAP
operating loss in the period, or a $13 million loss excluding the
aforementioned charge.
- GAAP diluted EPS of $0.28. Non-GAAP diluted EPS of $0.37
excludes $0.09 of impairment and restructuring charges.
- Average diluted shares outstanding were 197 million including
approximately 4 million shares of unrealized dilution associated
with the company’s convertible notes.
Fiscal Year 2022 Results:
- Total net revenue of $5.0 billion was flat to fiscal year 2021.
Our supply chain business, Quiet Platforms, contributed
approximately 3 percentage points to revenue growth. Brand revenue
declined approximately 3%.
- Aerie revenue of $1.5 billion rose 9% from fiscal year 2021 on
top of 39% growth last year. American Eagle revenue of $3.3 billion
declined 8% from fiscal year 2021 following a 30% increase last
year. Compared to the pre-pandemic fiscal year 2019 base, Aerie
revenue increased 88% and AE revenue declined 6%.
- Consolidated store revenue declined 2%. Total digital revenue
declined 7%. Compared to the pre-pandemic fiscal year 2019 base,
revenue was up across channels.
- Gross profit of $1.7 billion decreased 12% from fiscal year
2021 and reflected a gross margin rate of 35.0% compared to 39.7%
last year. Lower merchandise margins primarily reflected higher
markdowns. Higher distribution and warehousing costs and higher
rent also pressured margins, partially offset by lower
compensation. Quiet Platforms was a 70 basis point reduction to the
gross margin as that business continues to scale.
- Selling, general and administrative expense increased 100 basis
points as a rate to sales versus fiscal year 2021 due to higher
store and corporate salaries, higher professional services, higher
advertising and higher travel expenses, with a partial offset from
lower incentive compensation.
- GAAP Operating income was $247 million. Non-GAAP operating
income of $269 million, reflected a 5.4% operating margin. This
excluded approximately $22 million in charges in the fourth
quarter, as described above. Quiet Platforms generated a $47
million GAAP operating loss in the period, or a $43 million loss
excluding the $4 million impairment and restructuring charge as
described above.
- Average diluted shares outstanding were 205 million compared to
207 million in fiscal year 2021.
- GAAP EPS of $0.64. Non-GAAP EPS of $0.97 excludes $0.33 of
debt-related, impairment and restructuring charges.
Inventory
Total ending inventory at cost increased 6% to $585 million
compared to $553 million last year, with units up 4%. Inventory is
current, with AE and Aerie inventory across the US and Canada down
in the high single digits to last year, consistent with guidance.
The consolidated increase reflects earlier than expected deliveries
as the supply chain continues to normalize and increases related to
Mexico and the Todd Snyder brand, where we are experiencing growth
well into the double digits.
Capital Expenditures
Capital expenditures totaled $61 million in the fourth quarter
and $260 million for full year fiscal 2022, down significantly from
initial plans entering the year. For 2023, management expects
capital expenditures to approximate $150 to $190 million.
Balance Sheet and Shareholder Returns
In fiscal 2022, the company exchanged $403 million of the
outstanding principal amount of its senior convertible notes due
2025, simplifying and strengthening the capital structure. At the
end of the year, the company had $9 million in aggregate principal
amount of the notes outstanding. In connection with the exchange
transactions, the company completed a $200 million accelerated
share repurchase program.
Separately, the company paid two quarterly cash dividends in the
first half of 2022, amounting to approximately $65 million. After
initiating a temporary pause in September, the Board of Directors
has reinstated a quarterly cash dividend at $0.10 per share. The
dividend was declared on February 28, 2023 and is payable on April
21, 2023 to stockholders of record at the close of business on
April 6, 2023.
Outlook
Entering 2023, our brands are strong and inventory is healthy.
The global supply chain continues to normalize, providing improved
costs and greater agility. Additionally, the company remains
focused on reducing expenses. Yet, given limited visibility into
the macro environment and overall consumer spending behavior, the
company is taking a cautious view.
For the first quarter, management’s outlook reflects revenue in
the range of flat to up low-single digits with operating income
approximately flat to last year.
For the full-year, management’s outlook reflects revenue in the
range of flat to up low-single digits with operating income in the
range of $270 to $310 million, compared to adjusted operating
income of $269 million in 2022.
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, net income, net income per diluted share
and free cash flow, 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 and provides a higher degree of transparency.
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.
The tables included in this press release reconcile the GAAP
financial measures to the non-GAAP financial measures discussed
above.
* * * *
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, Hong Kong and
Japan, and ships to approximately 80 countries worldwide through
its websites. American Eagle and Aerie merchandise also is
available at more than 260 international locations operated by
licensees in approximately 30 countries. In 2022, AEO released its
first annual Building a Better World report, which outlines two
decades of ESG achievements through the company’s Planet, People
and Practices initiatives. 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 2023 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 29,
2022 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 2023 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 28,
2023 January 29, 2022 Assets Current assets: Cash
and cash equivalents $
170,209
$
434,770
Merchandise inventory
585,083
553,458
Accounts receivable, net
242,386
286,683
Prepaid expenses and other
102,563
122,013
Total current assets
1,100,241
1,396,924
Operating lease right-of-use assets
1,086,999
1,193,021
Property and equipment, at cost, net of accumulated depreciation
781,514
728,272
Goodwill, net
264,945
271,416
Intangible assets, net
94,536
102,701
Non-current deferred income taxes
36,483
44,167
Other assets
56,238
50,142
Total assets $
3,420,956
$
3,786,643
Liabilities and Stockholders' Equity Current liabilities:
Accounts payable $
234,340
$
231,782
Current portion of operating lease liabilities
337,258
311,005
Unredeemed gift cards and gift certificates
67,618
71,365
Accrued compensation and payroll taxes
51,912
141,817
Accrued income taxes and other
10,919
16,274
Other current liabilities and accrued expenses
66,901
70,628
Total current liabilities
768,948
842,871
Non-current liabilities: Non-current operating lease liabilities
1,021,200
1,154,481
Long-term debt, net
8,911
341,002
Other non-current liabilities
22,734
24,617
Total non-current liabilities
1,052,845
1,520,100
Commitments and contingencies
-
-
Stockholders' equity: Preferred stock
-
-
Common stock
2,496
2,496
Contributed capital
341,775
636,355
Accumulated other comprehensive loss
(32,630
)
(40,845
)
Retained earnings
2,137,126
2,203,772
Treasury stock
(849,604
)
(1,378,106
)
Total stockholders' equity
1,599,163
1,423,672
Total Liabilities and Stockholders' Equity $
3,420,956
$
3,786,643
Current ratio
1.43
1.66
AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS
OF OPERATIONS (Dollars and shares in thousands, except per
share amounts) (unaudited)
GAAP Basis 13 Weeks
Ended January 28,2023 % ofRevenue January
29,2022 % ofRevenue Total net revenue $
1,496,088
100.0
%
$
1,507,937
100.0
%
Cost of sales, including certain buying, occupancy and warehousing
expenses
988,656
66.1
%
1,019,252
67.6
%
Gross profit
507,432
33.9
%
488,685
32.4
%
Selling, general and administrative expenses
351,408
23.5
%
349,680
23.2
%
Impairment and restructuring charges
22,209
1.5
%
11,944
0.8
%
Depreciation and amortization expense
60,233
4.0
%
47,107
3.1
%
Operating income
73,582
4.9
%
79,954
5.3
%
Debt related charges
4,655
0.3
%
-
0.0
%
Interest expense, net
2,409
0.2
%
8,595
0.6
%
Other (income) expense, net
(4,964
)
-0.4
%
3,865
0.3
%
Income before income taxes
71,482
4.8
%
67,494
4.4
%
Provision for income taxes
16,891
1.2
%
17,066
1.1
%
Net income $
54,591
3.6
%
$
50,428
3.3
%
Net income per basic share $
0.29
$
0.30
Net income per diluted share $
0.28
$
0.25
Weighted average common shares outstanding - basic
190,621
167,611
Weighted average common shares outstanding - diluted
196,893
203,388
GAAP Basis 52 Weeks Ended January
28,2023 % ofRevenue January 29,2022 %
ofRevenue Total net revenue $
4,989,833
100.0
%
$
5,010,785
100.0
%
Cost of sales, including certain buying, occupancy and warehousing
expenses
3,244,585
65.0
%
3,018,995
60.3
%
Gross profit
1,745,248
35.0
%
1,991,790
39.7
%
Selling, general and administrative expenses
1,269,095
25.4
%
1,222,000
24.4
%
Impairment and restructuring charges
22,209
0.4
%
11,944
0.2
%
Depreciation and amortization expense
206,897
4.2
%
166,781
3.3
%
Operating income
247,047
5.0
%
591,065
11.8
%
Debt related charges
64,721
1.3
%
-
0.0
%
Interest expense, net
14,297
0.3
%
34,632
0.7
%
Other (income), net
(10,465
)
-0.2
%
(2,489
)
-0.1
%
Income before income taxes
178,494
3.6
%
558,922
11.2
%
Provision for income taxes
53,358
1.1
%
139,293
2.8
%
Net income $
125,136
2.5
%
$
419,629
8.4
%
Net income per basic share $
0.69
$
2.50
Net income per diluted share $
0.64
$
2.03
Weighted average common shares outstanding - basic
181,778
168,156
Weighted average common shares outstanding - diluted
205,226
206,529
AMERICAN EAGLE OUTFITTERS, INC. BASIC AND DILUTED
EARNINGS PER SHARE RECONCILIATION (Dollars and shares in
thousands) (unaudited)
13 Weeks Ended 52 Weeks
Ended Numerator: January 28, 2023 January 29,
2022 January 28, 2023 January 29, 2022 Net income
and numerator for basic EPS
$
54,591
$
50,428
$
125,136
$
419,629
Add: Interest expense, net of tax, related to the 2025 Notes (1)
289
-
5,474
-
Numerator for diluted EPS
$
54,880
$
50,428
$
130,610
$
419,629
Denominator: Denominator for basic EPS - weighted
average shares
190,621
167,611
181,778
168,156
Add: Dilutive effect of the 2025 Notes (1)
4,296
32,162
21,507
34,003
Add: Dilutive effect of stock options and non-vested restricted
stock
1,976
3,615
1,941
4,370
Denominator for diluted EPS - weighted average shares
196,893
203,388
205,226
206,529
(1) During the 52 weeks ended January 28, 2023, the Company
adopted ASU 2020-06 under the modified retrospective method, which
requires the Company to utilize the "if-converted" method of
calculated diluted EPS.
AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION (Dollars in thousands,
except per share amounts) (unaudited)
13 Weeks Ended
January 28, 2023 Operating income Debt
relatedcharges Net income Diluted earnings percommon
share GAAP Basis
$
73,582
$
4,655
$
54,591
$
0.28
% of Revenue
4.9
%
0.3
%
3.6
%
Add: Impairment and restructuring charges (1)
22,209
-
18,186
0.09
Less: Debt related charges(2)
-
4,655
552
-
Non-GAAP Basis
$
95,791
$
-
$
73,329
$
0.37
% of Revenue
6.4
%
0.0
%
4.9
%
(1) $22.2 million pre-tax impairment and restructuring
charges: - $20.6 million of asset impairment charges - $1.6 million
of restructuring charges including corporate and field severance
(2) $4.7 million pre-tax debt related charges related to the
induced conversion expense on the exchange of our convertible
notes. The difference in the effective tax rate resulted from the
overall deductibility of the induced conversion expense incurred
during the year.
13 Weeks Ended January 29,
2022 Operatingincome Interestexpense, net
Other (income)expense, net Net income Diluted
earnings percommon share 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
13 Weeks Ended February 1,
2020 Operating income GAAP Basis
$
476
% of Revenue
0.0
%
Add: Impairment and restructuring charges (1)
76,223
Tax (2)
-
Non-GAAP Basis
$
76,699
% of Revenue
5.8
%
(1) $76.2 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 goodwill
impairment charge. - $10.0 million of restructuring charges
including $4.2M of joint business venture exit charges, $4.0M of
corporate and field severance, and $1.8M of market transaction
costs in Japan (2) GAAP tax rate of -187% included the impact of
valuation allowances on impairment and restructuring charges.
Excluding the impact of those items resulted in an adjusted 19.9%
tax rate for the quarter. The 206.9% difference is primarily driven
by the size of this tax benefit compared to fourth quarter pre-tax
income.
AMERICAN EAGLE OUTFITTERS, INC. GAAP TO NON-GAAP
RECONCILIATION (Dollars in thousands, except per share amounts)
(unaudited)
52 Weeks Ended January 28, 2023
Operatingincome Debt relatedcharges Net income
Diluted earningsper commonshare GAAP Basis
$
247,047
$
64,721
$
125,136
$
0.64
% of Revenue
5.0
%
1.3
%
2.5
%
Add: Impairment and restructuring charges (1)
22,209
-
18,221
0.09
Less: Debt related charges(2)
-
64,721
49,679
0.24
Non-GAAP Basis
$
269,256
$
-
$
193,036
$
0.97
% of Revenue
5.4
%
0.0
%
3.9
%
(1) $22.2 million pre-tax impairment and restructuring
charges: - $20.6 million of asset impairment charges - $1.6 million
of restructuring charges including corporate and field severance
(2) $64.7 million pre-tax debt related charges related
primarily to the induced conversion expense on the exchange of our
convertible notes, along with certain other costs related to
actions we took to strengthen our capital structure.
52 Weeks
Ended January 29, 2022 Operatingincome
Interestexpense, net Other (income),net Net
income Diluted earnings percommon share 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. RESULTS
BY SEGMENT (Dollars in thousands) (unaudited)
American Eagle Aerie Corporateand Other (1)
Total 13 weeks ended January 28, 2023 Total net
revenue
$
961,848
$
463,663
$
70,577
$
1,496,088
Operating income (loss)
$
140,540
$
53,119
$
(120,077
)
$
73,582
Impairment and restructuring
$
13,037
$
3,552
$
5,620
$
22,209
Adjusted operating income (loss)
$
153,577
$
56,671
$
(114,457
)
$
95,791
% of revenue
16.0
%
12.2
%
6.4
%
Capital expenditures
$
30,033
$
21,421
$
9,560
$
61,014
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
% of revenue
17.5
%
5.3
%
6.1
%
Capital expenditures
$
15,944
$
34,062
$
39,436
$
89,442
13 weeks ended February 1, 2020 Total net revenue
$
1,035,097
$
270,007
$
9,527
$
1,314,631
Operating income (loss)
$
71,260
$
11,467
$
(82,251
)
$
476
Impairment and restructuring
$
41,657
$
20,261
$
14,305
$
76,223
Adjusted operating income (loss)
$
112,917
$
31,728
$
(67,946
)
$
76,699
% of revenue
10.9
%
11.8
%
5.8
%
Capital expenditures
$
25,832
$
13,651
$
20,932
$
60,415
American Eagle Aerie Corporateand Other
(1) Total 52 Weeks Ended January 28, 2023 Total
net revenue
$
3,262,893
$
1,506,798
$
220,142
$
4,989,833
Operating income (loss)
$
528,369
$
163,915
$
(445,237
)
$
247,047
Impairment and restructuring
$
13,037
$
3,552
$
5,620
$
22,209
Adjusted operating income (loss)
$
541,406
$
167,467
$
(439,617
)
$
269,256
% of revenue
16.6
%
11.1
%
5.4
%
Capital expenditures
$
85,033
$
107,084
$
68,261
$
260,378
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
% of revenue
22.4
%
15.5
%
12.0
%
Capital expenditures
$
47,106
$
80,062
$
106,679
$
233,847
52 Weeks Ended February 1, 2020 Total net revenue
$
3,479,592
$
801,035
$
27,585
$
4,308,212
Operating income (loss)
$
484,078
$
47,465
$
(298,198
)
$
233,345
Impairment and restructuring
$
41,657
$
20,261
$
18,576
$
80,494
Adjusted operating income (loss)
$
525,735
$
67,726
$
(279,622
)
$
313,839
% of revenue
15.1
%
8.5
%
7.3
%
Capital expenditures
$
98,699
$
56,283
$
55,378
$
210,360
(1) Corporate and Other includes revenue and operating
results of the Todd Snyder and Unsubscribed brands, and Quiet
Platforms (net of intersegment eliminations), 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230228006446/en/
Olivia Messina 412-432-3300 LineMedia@ae.com
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