Business Wire | Nov 23, 2021 07:30AM EST

American Eagle Outfitters Reports Record Third Quarter Results with Revenue Rising 24% and Operating Income More Than Doubling. This Reflects Strong Customer Demand and Excellent Execution on the "Real Power. Real Growth." Value Creation Plan

Nov. 23, 2021

PITTSBURGH--(BUSINESS WIRE)--Nov. 23, 2021--American Eagle Outfitters, Inc. (NYSE: AEO) today announced financial results for the third quarter ended October 30, 2021.

"As strong demand for our merchandise and brands continues, I'm very pleased to report another quarter of record revenue and profit. The work on our Real Power. Real Growth. value creation plan is driving meaningful improvements to our profitability through real estate and inventory optimization; omni-channel and customer focus; and our supply chain initiatives. The power of our brands, operations and talent are clearly evident and we are intensely focused on ensuring these strengths continue to take AEO to new heights," said Jay Schottenstein, AEO's Executive Chairman of the Board and Chief Executive Officer.

"This quarter, we took an important next step in our supply chain transformation with the planned acquisition of Quiet Logistics to ensure ongoing efficiencies and procure a state-of-the-art logistics platform with meaningful growth potential. With our customer-first focus, the teams did a great job bringing in goods to meet strong demand this holiday season. I am extremely proud of the team's ability to execute with precision at a time of volatility and am confident that we will exceed $600 million of operating income for the year, well above the $550 million 2023 target," Jay continued.

Third Quarter 2021 Results

* Total net revenue increased $242 million, or 24% to $1.27 billion, compared to $1.03 billion in the third quarter of 2020. * Aerie revenue of $315 million rose 28% from third quarter 2020 on top of 34% growth last year. American Eagle revenue of $941 million rose 21% versus third quarter 2020 following an 11% decline last year. * Consolidated store revenue increased 29%. Total digital revenue increased 10%. Compared to the pre-pandemic third quarter 2019 base, store revenue increased 9% and digital revenue increased 42%. * Gross profit of $565 million rose 36% from $415 million in the third quarter of 2020. * Gross margin of 44.3% expanded 410 basis points from 40.2% in the third quarter of 2020 and reflected the highest rate since 2007. The increase from 2020 largely reflected leverage on rent and delivery, as well as strong product demand, higher full-priced sales, lower promotions and inventory optimization initiatives, partially offset by higher freight costs. * Selling, general and administrative expense leveraged 190 basis points as a rate to sales versus third quarter 2020 due to strong revenue growth and lower incentive compensation. * Depreciation and amortization expense of $41 million compared to $39 million in the third quarter of 2020 and leveraged 60 basis points as a rate to sales due to strong revenue growth. * Operating income was $210 million. This compared to operating income of $96 million in third quarter 2020 or $103 million on an adjusted basis. Aerie's operating income of $52 million increased 46% from $36 million in the third quarter of 2020 and American Eagle's operating income of $261 million increased 68% from $155 million in the third quarter of 2020. * Operating margin of 16.5% reflected the highest rate since 2007. Aerie's operating margin of 16.5% expanded 200 bps from 2020 and American Eagle's operating margin of 27.8% expanded 780 bps from 2020. * Average diluted shares outstanding were 205 million compared to 184 million in the third quarter of 2020. The increase primarily reflected 34 million shares of unrealized dilution associated with the company's convertible notes. * EPS of $0.74. Adjusted EPS of $0.76 this quarter excludes $0.02 of non-cash interest expense on the company's convertible notes.

InventoryTotal consolidated ending inventory at cost increased 32% to $740 million compared to a 13% decline last year. The increase was partially driven by higher air freight due to global supply chain disruptions.

Capital ExpendituresIn the third quarter of 2021, capital expenditures totaled $58 million, and year to date totaled $144 million. For fiscal 2021, the company now expects capital expenditures to be at the low end of our prior guidance range of $250 to $275 million.

Cash Flow and Balance SheetThe company ended the period with total cash of $741 million. This compares to $692 million in third quarter 2020.

Shareholder ReturnsThe company's third quarter cash dividend of $30 million was paid during the quarter.

Conference Call and Supplemental Financial InformationToday, management will host a conference call and real time webcast at 9:30 a.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 MeasuresThis 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(r) and Aerie(r) 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 33 countries. For more information, please visit www.aeo-inc.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995This 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 fourth quarter and annual fiscal 2021 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 2021 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)



October 30, January 30, October 31,

2021 2021 2020

ASSETS Cash and cash equivalents $ 740,668 $ 850,477 $ 692,356Merchandise inventory 739,808 405,445 559,961Accounts receivable, net 228,461 146,102 124,560Prepaid expenses and other 66,593 120,619 130,909Total current assets 1,775,530 1,522,643 1,507,786Property and equipment, atcost, net of accumulated 665,408 623,808 650,397depreciationOperating lease 1,148,108 1,155,965 1,243,311right-of-use assetsIntangible assets net, 69,332 70,332 50,864including goodwillNon-current deferred 57,753 33,045 12,774income taxesOther assets 33,884 29,013 33,083Total Assets $ 3,750,015 $ 3,434,806 $ 3,498,215 LIABILITIES AND STOCKHOLDERS' EQUITYAccounts payable $ 314,561 $ 255,912 $ 304,552Current portion ofoperating lease 299,693 328,624 346,321liabilitiesAccrued compensation and 123,588 142,272 117,736payroll taxesOther current liabilities 56,090 55,343 47,587and accrued expensesUnredeemed gift cards and 42,070 62,181 39,794gift certificatesAccrued income taxes and 33,570 14,150 15,503otherDividends payable - - 22,843Total current liabilities 869,572 858,482 894,336Non-current operating 1,123,681 1,148,742 1,196,755lease liabilitiesLong-term debt, net 336,249 325,290 321,081Other non-current 23,816 15,627 17,846liabilitiesTotal non-current 1,483,746 1,489,659 1,535,682liabilitiesCommitments and - - -contingenciesPreferred stock - - -Common stock 2,496 2,496 2,496Contributed capital 627,264 663,718 655,891Accumulated other (39,049 ) (40,748 ) (44,673 )comprehensive lossRetained earnings 2,185,393 1,868,613 1,865,370Treasury stock (1,379,407 ) (1,407,414 ) (1,410,887 )Total stockholders' equity 1,396,697 1,086,665 1,068,197Total Liabilities and $ 3,750,015 $ 3,434,806 $ 3,498,215Stockholders' EquityCurrent Ratio 2.04 1.77 1.69AMERICAN 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 expenses709,554

55.7

%

616,840

59.8

%

Gross profit564,524

44.3

%

414,777

40.2

%

Selling, general and administrative expenses313,890

24.6

%

273,297

26.5

%

Restructuring and COVID-19 related charges-

0.0

%

6,955

0.6

%

Depreciation and amortization expense40,947

3.2

%

38,974

3.8

%

Operating income (loss)209,687

16.5

%

95,551

9.3

%

Interest expense, net8,612

0.7

%

7,924

0.8

%

Other (income), net(3,130

)

-0.2

%

(2,223

)

-0.2

%

Income (loss) before income taxes204,205

16.0

%

89,850

8.7

%

Provision (benefit) from income taxes51,981

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 - basic167,637

166,185

Weighted average common shares outstanding - diluted205,013

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 expenses1,999,743

57.1

%

1,758,537

71.3

%

Gross profit1,503,105

42.9

%

708,282

28.7

%

Selling, general and administrative expenses872,320

24.9

%

685,206

27.8

%

Impairment, restructuring and COVID-19 related charges-

0.0

%

177,186

7.1

%

Depreciation and amortization expense119,674

3.4

%

120,818

4.9

%

Operating income (loss)511,111

14.6

%

(274,928

)

-11.1

%

Interest expense, net26,038

0.7

%

16,617

0.7

%

Other (income), net(6,354

)

-0.2

%

(793

)

0.0

%

Income (loss) before income taxes491,427

14.1

%

(290,752

)

-11.8

%

Provision (benefit) from income taxes122,226

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 - basic168,062

166,385

Weighted average common shares outstanding - diluted207,032

166,385

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 709,554 55.7 % 616,840 59.8 %certain buying, occupancy and warehousing expensesGross profit 564,524 44.3 % 414,777 40.2 %

Selling, general and 313,890 24.6 % 273,297 26.5 %administrative expensesRestructuring and COVID-19 - 0.0 % 6,955 0.6 %related chargesDepreciation and amortization 40,947 3.2 % 38,974 3.8 %expenseOperating income (loss) 209,687 16.5 % 95,551 9.3 %

Interest expense, net 8,612 0.7 % 7,924 0.8 %

Other (income), net (3,130 ) -0.2 % (2,223 ) -0.2 %

Income (loss) before income 204,205 16.0 % 89,850 8.7 %taxesProvision (benefit) from 51,981 4.1 % 31,742 3.1 %income taxesNet income (loss) $ 152,224 11.9 % $ 58,108 5.6 %

Net income (loss) per basic $ 0.91 $ 0.35 shareNet income (loss) per diluted $ 0.74 $ 0.32 share Weighted average common 167,637 166,185 shares outstanding - basicWeighted average common 205,013 184,397 shares outstanding - diluted 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 1,999,743 57.1 % 1,758,537 71.3 %certain buying, occupancy and warehousing expensesGross profit 1,503,105 42.9 % 708,282 28.7 %

Selling, general and 872,320 24.9 % 685,206 27.8 %administrative expensesImpairment, restructuring and - 0.0 % 177,186 7.1 %COVID-19 related chargesDepreciation and amortization 119,674 3.4 % 120,818 4.9 %expenseOperating income (loss) 511,111 14.6 % (274,928 ) -11.1 %

Interest expense, net 26,038 0.7 % 16,617 0.7 %

Other (income), net (6,354 ) -0.2 % (793 ) 0.0 %

Income (loss) before income 491,427 14.1 % (290,752 ) -11.8 %taxesProvision (benefit) from 122,226 3.6 % (77,943 ) -3.2 %income taxesNet income (loss) $ 369,201 10.5 % $ (212,809 ) -8.6 %

Net income (loss) per basic $ 2.20 $ (1.28 )shareNet income (loss) per diluted $ 1.78 $ (1.28 )share Weighted average common 168,062 166,385 shares outstanding - basicWeighted average common 207,032 166,385 shares outstanding - dilutedAMERICAN 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 Revenue0.7%

11.9%

Less: Convertible debt (1):4,569

3,330

0.02

Non-GAAP Basis$

4,043

$

155,554

$

0.76

% of Revenue0.3%

12.2%

AMERICAN EAGLE OUTFITTERS, INC.

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share amounts)

(unaudited)



13 Weeks Ended October 30, 2021

Interest Diluted Expense, Earnings Net Income net per Common Share

GAAP Basis $ 8,612 $ 152,224 $ 0.74

% of Revenue 0.7% 11.9%

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

% of Revenue 0.3% 12.2%

(1)

Amortization of the non-cash discount on the Company's convertible notes^(1) Amortization of the non-cash discount on the Company's convertible notesAMERICAN EAGLE OUTFITTERS, INC.

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share amounts)

(unaudited)

13 Weeks Ended

October 31, 2020

Operating Income

Interest

Expense, net

Net Income

Diluted Earnings

per Common Share

GAAP Basis$

95,551

$

7,924

$

58,108

$

0.32

% of Revenue9.3%

0.8%

5.6%

Add: Incremental COVID-19 related expenses and restructuring (1):6,955

-

4,500

0.02

Less: Convertible debt (2):-

4,113

2,657

0.01

Non-GAAP Basis$

102,506

$

3,811

$

65,265

$

0.35

% of Revenue9.9%

0.4%

6.2%

AMERICAN EAGLE OUTFITTERS, INC.

GAAP TO NON-GAAP RECONCILIATION

(Dollars in thousands, except per share amounts)

(unaudited)



13 Weeks Ended October 31, 2020

Diluted Interest Earnings Operating Net Income Expense, Income per net Common Share

GAAP Basis $ 95,551 $ 7,924 $ 58,108 $ 0.32

% of Revenue 9.3% 0.8% 5.6%

Add: Incremental COVID-19 related 6,955 - 4,500 0.02expenses and restructuring ^(1):Less: Convertible debt ^(2): - 4,113 2,657 0.01

Non-GAAP Basis $ 102,506 $ 3,811 $ 65,265 $ 0.35

% of Revenue 9.9% 0.4% 6.2%

(1)

$7.0 million incremental COVID-19 related expenses and restructuring charges: - $6.0 million of incremental COVID-19 related expenses consisting of personal protective equipment and supplies for our associates and customers - $1.0 million of corporate severance charges(2)

Amortization of the non-cash discount on the Company's convertible notes $7.0 million incremental COVID-19 related expenses and restructuring charges:^(1) - $6.0 million of incremental COVID-19 related expenses consisting of personal protective equipment and supplies for our associates and customers - $1.0 million of corporate severance charges^(2) Amortization of the non-cash discount on the Company's convertible notesAMERICAN EAGLE OUTFITTERS, INC.

RESULTS BY SEGMENT

(Dollars in thousands)

(unaudited)

American Eagle

Aerie

Corporate(1)

Total(2)

13 weeks ended October 30, 2021Total 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, 2020Total 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, 2021Total 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, 2020Total 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.

RESULTS BY SEGMENT

(Dollars in thousands)

(unaudited)



American Eagle Aerie Corporate^(1) Total^(2)

13 weeks endedOctober 30, 2021Total net $ 940,992 $ 315,049 $ $ revenue 18,037 1,274,078

Operating $ 261,225 $ 52,021 $ ) $ income (loss) (103,559 209,687

Capital $ 13,298 $ 24,867 $ $ Expenditures 20,036 58,201

13 weeks endedOctober 31, 2020Total net $ 775,961 $ 246,748 $ $ revenue 8,908 1,031,617

Operating $ 155,259 $ 35,738 $ ) $ income (loss) (95,446 95,551

Restructuring and COVID-19 $ - $ - $ 6,955 $ 6,955 relatedchargesAdjusted $ 155,259 $ 35,738 $ ) $ operating (88,491 102,506income (loss)Capital $ 10,488 $ $ $ Expenditures 6,399 14,302 31,189

American Eagle Aerie Corporate^(1) Total^(2)

39 weeks endedOctober 30, 2021Total net $ 2,513,700 $ 947,851 $ $ revenue 41,297 3,502,848

Operating $ 611,650 $ 191,341 $ ) $ income (loss) (291,880 511,111

Capital $ 36,093 $ 48,164 $ $ Expenditures 60,148 144,405

39 weeks endedOctober 31, 2020Total net $ 1,791,042 $ 653,240 $ $ revenue 22,537 2,466,819

Operating $ $ 47,011 $ ) $ )income (loss) 1,113 (323,052 (274,928

Impairment,restructuring, $ 90,926 $ 18,215 $ $ and COVID-19 68,045 177,186relatedchargesAdjusted $ 92,039 $ 65,226 $ ) $ )operating (255,007 (97,742income (loss)Capital $ 25,361 $ 23,807 $ $ Expenditures 43,423 92,591

(1)

Corporate includes revenue and operating results of the Todd Snyder and Unsubscribed brands, and AirTerra, which are not material to disclose as separate reportable segments. Corporate operating costs represents certain costs that are not directly attributable to another reportable segment.(2)

The difference between Total Operating Income (loss) and Income (loss) before Taxes includes the following items, which are not allocated to our reportable segments: - For the 13 weeks ended October 30, 2021, interest expense, net or $8.6 million and other (income), net of ($3.1) million. For the 39 weeks ended October 30, 2021, interest expense, net of $26.0 million and other (income), net of ($6.4) million. - For the 13 weeks ended October 31, 2020, interest expense, net of $7.9 million and other (income), net of ($2.2) million. For the 39 weeks ended October 31, 2020, interest expense, net of $16.6 million and other (income), net of ($0.8) million. Corporate includes revenue and operating results of the Todd Snyder and^ Unsubscribed brands, and AirTerra, which are not material to disclose(1) as separate reportable segments. Corporate operating costs represents certain costs that are not directly attributable to another reportable segment. The difference between Total Operating Income (loss) and Income (loss) before Taxes includes the following items, which are not allocated to our reportable segments: - For the 13 weeks ended October 30, 2021, interest expense, net or $8.6 million and other (income), net^ of ($3.1) million. For the 39 weeks ended October 30, 2021,(2) interest expense, net of $26.0 million and other (income), net of ($6.4) million. - For the 13 weeks ended October 31, 2020, interest expense, net of $7.9 million and other (income), net of ($2.2) million. For the 39 weeks ended October 31, 2020, interest expense, net of $16.6 million and other (income), net of ($0.8) million.AMERICAN EAGLE OUTFITTERS, INC.

STORE INFORMATION

(unaudited)

Third Quarter

YTD Third Quarter

2021

2021

Consolidated stores at beginning of period1,090

1,078

Consolidated stores opened during the periodAE Brand3

14

Aerie stand-alone (incl. OFFLINE) (3)25

43

Todd Snyder0

1

Unsubscribed2

3

AE771

1

Consolidated stores closed during the periodAE Brand0

(18)

Aerie stand-alone (incl. OFFLINE)0

(1)

Total consolidated stores at end of period1,121

1,121

AE Brand897

Aerie stand-alone (incl. OFFLINE) (3)216

Aerie side-by-side (incl. OFFLINE) (2)(4)187

Todd Snyder3

Unsubscribed4

AE771

Stores remodeled and refurbished during the period2

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 OpeningsAerie stand-alone (incl. OFFLINE) (3)25

43

Aerie side-by-side (incl. OFFLINE) (2)(4)4

9

Total Aerie Openings29

52

AMERICAN EAGLE OUTFITTERS, INC.

STORE INFORMATION

(unaudited)



Third YTD Third Quarter Quarter

2021 2021

Consolidated stores at beginning of period 1,090 1,078

Consolidated stores opened during the periodAE 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 periodAE 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 2 13periodTotal gross square footage at end of period 6,924 6,924(in '000) International license locations at end of 256 256period ^(1)Aerie OpeningsAerie stand-alone (incl. OFFLINE) ^(3) 25 43

Aerie side-by-side (incl. OFFLINE) ^(2)(4) 4 9

Total Aerie Openings 29 52

(1)

International license locations 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 3 OFFLINE openings during the period and 4 OFFLINE openings YTD, with 8 OFFLINE stores in the consolidated totals.(4)

Aerie side-by-side stores include 4 OFFLINE openings during the period and YTD, with 5 OFFLINE stores in the consolidated totals. View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005507/en/

CONTACT: Olivia Messina 412-432-3300 LineMedia@ae.com