AEO 8-K

American Eagle Outfitters Inc (AEO)

8-K 2021-11-23 For: 2021-11-23

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Added on April 12, 2026

Delaware	1-33338	13-2721761
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

77 Hot Metal Street, Pittsburgh, Pennsylvania		15203-2329
(Address of Principal Executive Offices)		(Zip Code)

☐	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))

Exhibit Number		Description

99.1		Press release dated November 23, 2021
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)

		October 30,				January 30,				October 31,
		2021				2021				2020
ASSETS
Cash and cash equivalents	$		740,668		$		850,477		$		692,356
Merchandise inventory			739,808				405,445				559,961
Accounts receivable			228,461				146,102				124,560
Prepaid expenses and other			66,593				120,619				130,909
Total current assets			1,775,530				1,522,643				1,507,786
Property and equipment, net			665,408				623,808				650,397
Operating lease right-of-use assets			1,148,108				1,155,965				1,243,311
Intangible assets, including goodwill			69,332				70,332				50,864
Non-current deferred income taxes			57,753				33,045				12,774
Other assets			33,884				29,013				33,083
Total Assets	$		3,750,015		$		3,434,806		$		3,498,215

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$		314,561		$		255,912		$		304,552
Current portion of operating lease liabilities			299,693				328,624				346,321
Accrued compensation and payroll taxes			123,588				142,272				117,736
Other current liabilities and accrued expenses			56,090				55,343				47,587
Unredeemed gift cards and gift certificates			42,070				62,181				39,794
Accrued income taxes and other			33,570				14,150				15,503
Dividends payable			-				-				22,843
Total current liabilities			869,572				858,482				894,336
Non-current operating lease liabilities			1,123,681				1,148,742				1,196,755
Long-term debt, net			336,249				325,290				321,081
Other non-current liabilities			23,816				15,627				17,846
Total non-current liabilities			1,483,746				1,489,659				1,535,682
Commitments and contingencies			-				-				-
Preferred stock			-				-				-
Common stock			2,496				2,496				2,496
Contributed capital			627,264				663,718				655,891
Accumulated other comprehensive loss			(39,049	)			(40,748	)			(44,673	)
Retained earnings			2,185,393				1,868,613				1,865,370
Treasury stock			(1,379,407	)			(1,407,414	)			(1,410,887	)
Total stockholders' equity			1,396,697				1,086,665				1,068,197
Total Liabilities and Stockholders' Equity	$		3,750,015		$		3,434,806		$		3,498,215

Current Ratio			2.04				1.77				1.69

AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in thousands, except per share amounts)
(unaudited)


		GAAP Basis
		13 Weeks Ended
		October 30,			% of				October 31,			% of
		2021			Revenue				2020			Revenue
Total net revenue	$		1,274,078			100.0	%	$		1,031,617			100.0	%
Cost of sales, including certain buying, occupancy and warehousing expenses			709,554			55.7	%			616,840			59.8	%
Gross profit			564,524			44.3	%			414,777			40.2	%
Selling, general and administrative expenses			313,890			24.6	%			273,297			26.5	%
Restructuring and COVID-19 related charges			-			0.0	%			6,955			0.6	%
Depreciation and amortization expense			40,947			3.2	%			38,974			3.8	%
Operating income (loss)			209,687			16.5	%			95,551			9.3	%
Interest expense (income), net			8,612			0.7	%			7,924			0.8	%
Other (income) expense, net			(3,130	)		-0.2	%			(2,223	)		-0.2	%
Income (loss) before income taxes			204,205			16.0	%			89,850			8.7	%
Provision (benefit) from income taxes			51,981			4.1	%			31,742			3.1	%
Net income (loss)	$		152,224			11.9	%	$		58,108			5.6	%

Net income (loss) per basic share	$		0.91					$		0.35
Net income (loss) per diluted share	$		0.74					$		0.32

Weighted average common shares outstanding - basic			167,637							166,185
Weighted average common shares outstanding - diluted			205,013							184,397

		GAAP Basis
		39 Weeks Ended
		October 30,			% of				October 31,			% of
		2021			Revenue				2020			Revenue
Total net revenue	$		3,502,848			100.0	%	$		2,466,819			100.0	%
Cost of sales, including certain buying, occupancy and warehousing expenses			1,999,743			57.1	%			1,758,537			71.3	%
Gross profit			1,503,105			42.9	%			708,282			28.7	%
Selling, general and administrative expenses			872,320			24.9	%			685,206			27.8	%
Impairment, restructuring and COVID-19 related charges			-			0.0	%			177,186			7.1	%
Depreciation and amortization expense			119,674			3.4	%			120,818			4.9	%
Operating income (loss)			511,111			14.6	%			(274,928	)		-11.1	%
Interest expense (income), net			26,038			0.7	%			16,617			0.7	%
Other (income) expense, net			(6,354	)		-0.2	%			(793	)		0.0	%
Income (loss) before income taxes			491,427			14.1	%			(290,752	)		-11.8	%
Provision (benefit) from income taxes			122,226			3.6	%			(77,943	)		-3.2	%
Net income (loss)	$		369,201			10.5	%	$		(212,809	)		-8.6	%

Net income (loss) per basic share	$		2.20					$		(1.28	)
Net income (loss) per diluted share	$		1.78					$		(1.28	)

Weighted average common shares outstanding - basic			168,062							166,385
Weighted average common shares outstanding - diluted			207,032							166,385

AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)

		13 Weeks Ended
	October 30, 2021
			Interest Expense, net			Net Income			Diluted Earnings per Common Share
GAAP Basis			$	8,612			152,224		$	0.74
% of Revenue				0.7	%		11.9	%

Less: Convertible debt^(1):				4,569			3,330			0.02
Non-GAAP Basis			$	4,043			155,554		$	0.76
% of Revenue				0.3	%		12.2	%

AMERICAN EAGLE OUTFITTERS, INC.
RESULTS BY SEGMENT
(Dollars in thousands)
(unaudited)


	American Eagle		Aerie		Corporate⁽¹⁾			Total⁽²⁾
13 weeks ended October 30, 2021
Total net revenue	$	940,992	$	315,049	$	18,037		$	1,274,078
Operating income (loss)	$	261,225	$	52,021	$	(103,559	)	$	209,687
Capital Expenditures	$	13,298	$	24,867	$	20,036		$	58,201

13 weeks ended October 31, 2020
Total net revenue	$	775,961	$	246,748	$	8,908		$	1,031,617
Operating income (loss)	$	155,259	$	35,738	$	(95,446	)	$	95,551
Restructuring and COVID-19 related charges	$	-	$	-	$	6,955		$	6,955
Adjusted operating income (loss)	$	155,259	$	35,738	$	(88,491	)	$	102,506
Capital Expenditures	$	10,488	$	6,399	$	14,302		$	31,189

	American Eagle		Aerie		Corporate⁽¹⁾			Total⁽²⁾
39 weeks ended October 30, 2021
Total net revenue	$	2,513,700	$	947,851	$	41,297		$	3,502,848
Operating income (loss)	$	611,650	$	191,341	$	(291,880	)	$	511,111
Capital Expenditures	$	36,093	$	48,164	$	60,148		$	144,405

39 weeks ended October 31, 2020
Total net revenue	$	1,791,042	$	653,240	$	22,537		$	2,466,819
Operating income (loss)	$	1,113	$	47,011	$	(323,052	)	$	(274,928	)
Impairment, restructuring, and COVID-19 related charges	$	90,926	$	18,215	$	68,045		$	177,186
Adjusted operating income (loss)	$	92,039	$	65,226	$	(255,007	)	$	(97,742	)
Capital Expenditures	$	25,361	$	23,807	$	43,423		$	92,591

AMERICAN EAGLE OUTFITTERS, INC.
STORE INFORMATION
(unaudited)

	Third Quarter		YTD Third Quarter
	2021		2021
Consolidated stores at beginning of period		1,090		1,078
Consolidated stores opened during the period
AE Brand		3		14
Aerie stand-alone (incl. OFFLINE) ⁽³⁾		25		43
Todd Snyder		0		1
Unsubscribed		2		3
AE77		1		1
Consolidated stores closed during the period
AE Brand		0		(18	)
Aerie stand-alone (incl. OFFLINE)		0		(1	)
Total consolidated stores at end of period		1,121		1,121
AE Brand		897
Aerie stand-alone (incl. OFFLINE) ⁽³⁾		216
Aerie side-by-side (incl. OFFLINE) ⁽²⁾⁽⁴⁾		187
Todd Snyder		3
Unsubscribed		4
AE77		1

Stores remodeled and refurbished during the period		2		13
Total gross square footage at end of period (in '000)		6,924		6,924

International license locations at end of period ⁽¹⁾		256		256

Aerie Openings
Aerie stand-alone (incl. OFFLINE) ⁽³⁾		25		43
Aerie side-by-side (incl. OFFLINE) ⁽²⁾⁽⁴⁾		4		9
Total Aerie Openings		29		52