American Eagle Outfitters Files Q1 2024 10-Q

TL;DR

AE's Q1 10-Q is in: financials and credit details for the period ending May 4, 2024.

AI Summary

American Eagle Outfitters, Inc. filed its 10-Q for the period ending May 4, 2024. The company reported on its financial performance, including details on its credit facilities and various financial instruments. Key dates mentioned include the filing date of May 30, 2024, and the reporting period end of May 4, 2024.

Why It Matters

This filing provides investors with a detailed look at American Eagle's financial health and operational performance during the first quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• Q1 2024 — Reporting Period (Financial performance for the first quarter of fiscal year 2024.)
• 20240504 — Period End Date (The end date of the reporting period for this 10-Q.)
• 20240530 — Filing Date (The date this 10-Q was officially filed with the SEC.)

Key Players & Entities

• AMERICAN EAGLE OUTFITTERS INC (company) — Filer
• 0000919012 (company) — Central Index Key
• 20240504 (date) — Period of Report
• 20240530 (date) — Filing Date
• 77 HOT METAL STREET (address) — Business Address
• PITTSBURGH (location) — Business City
• PA (location) — Business State
• 15203 (postal_code) — Business Zip
• 4124323300 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value AEO New York Stock Exchan

Filing Documents

• aeo-20240504.htm (10-Q) — 1889KB
• aeo-ex10_1.htm (EX-10.1) — 78KB
• aeo-ex10_2.htm (EX-10.2) — 60KB
• aeo-ex10_3.htm (EX-10.3) — 66KB
• aeo-ex31_1.htm (EX-31.1) — 12KB
• aeo-ex31_2.htm (EX-31.2) — 11KB
• aeo-ex32_1.htm (EX-32.1) — 8KB
• aeo-ex32_2.htm (EX-32.2) — 9KB
• img70046585_0.jpg (GRAPHIC) — 9KB
• img70970106_0.jpg (GRAPHIC) — 9KB
• img71893627_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-066610.txt ( ) — 7766KB
• aeo-20240504.xsd (EX-101.SCH) — 1078KB
• aeo-20240504_htm.xml (XML) — 1215KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Forward Looking Statements

Forward Looking Statements 4 Item 1.

Financial Statements

Financial Statements 6 Consolidated Balance Sheets: May 4, 2024, February 3, 2024, and April 29, 2023 6 Consolidated Statements of Operations: 13 weeks ended May 4, 2024 and April 29, 2023 7 Consolidated Statements of Comprehensive Income: 13 weeks ended May 4, 2024 and April 29, 2023 8 Consolidated Statements of Stockholders' Equity: 13 weeks ended May 4, 2024 and April 29, 2023 9 Consolidated Statements of Cash Flows: 13 weeks ended May 4, 2024 and April 29, 2023 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities N/A Item 4. Mine Safety Disclosures N/A Item 5. Other Information N/A Item 6. Exhibits 38 3

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly Report") contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are based on the views and beliefs of management, as well as assumptions and estimates made by management. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not intend to correct or update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Actual results could differ materially from such forward-looking statements as a result of various risk factors, including those contained in this Quarterly Report and in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2024 filed with the Securities and Exchange Commission (the "SEC") on March 15, 2024 (the "Fiscal 2023 Form 10-K") that may not be in the control of management. As used herein, "Fiscal 2024" refers to the 52-week period that will end on February 1, 2025. "Fiscal 2023" refers to the 53-week period ended February 3, 2024. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "potential," and similar expressions may identify forward-looking statements. Our forward-looking statements include, but are not limited to, statements about: the planned opening of approximately five to 15 American Eagle stores and approximately 25 to 40 Aerie and OFFLINE stores, which will be a mix of stand-alone and Aerie side-by-sides, during Fiscal 2024; the anticipated selection of approximately 80 to 90 American Eagle and Aerie stores in North America for remodeling during Fiscal 2024; the potential closu

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED BALANCE SHEETS May 4, February 3, April 29, (In thousands, except per share amounts) 2024 2024 2023 (Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents $ 300,518 $ 354,094 $ 117,841 Short-term investments — 100,000 — Merchandise inventory 681,062 640,662 624,851 Accounts receivable, net 230,934 247,934 259,074 Prepaid expenses and other 98,803 90,660 127,735 Total current assets 1,311,317 1,433,350 1,129,501 Operating lease right-of-use assets 1,123,649 1,005,293 1,053,938 Property and equipment, at cost, net of accumulated depreciation 703,551 713,336 762,433 Goodwill, net 225,253 225,303 264,896 Non-current deferred income taxes 89,332 82,064 13,034 Intangible assets, net 45,178 46,109 92,399 Other assets 58,937 52,454 57,693 Total assets $ 3,557,217 $ 3,557,909 $ 3,373,894 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 225,480 $ 268,308 $ 212,318 Current portion of operating lease liabilities 303,603 284,508 321,430 Accrued compensation and payroll taxes 64,502 152,353 43,550 Unredeemed gift cards and gift certificates 57,373 66,285 57,014 Accrued income and other taxes 50,716 46,114 13,812 Other current liabilities and accrued expenses 71,655 73,604 68,313 Total current liabilities 773,329 891,172 716,437 Non-current liabilities: Non-current operating lease liabilities 1,002,529 901,122 987,048 Long-term debt, net — — 30,225 Other non-current liabilities 29,003 28,856 21,168 Total non-current liabilities 1,031,532 929,978 1,038,441 Commitments and contingencies — — — Stockholders' equity: Preferred stock, $ 0.01 par value; 5,000 shares authorized; no ne issued and outstanding — — —

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Interim Financial Statements The accompanying Consolidated Financial Statements of American Eagle Outfitters, Inc. (the "Company," "we," and "our,") a Delaware corporation, at May 4, 2024 and April 29, 2023 and for the 13 week periods ended May 4, 2024 and April 29, 2023 have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Certain notes and other information have been condensed or omitted from the interim Consolidated Financial Statements presented in this Quarterly Report. Therefore, these Consolidated Financial Statements should be read in conjunction with our Fiscal 2023 Form 10-K. In the opinion of the Company's management, all adjustments (consisting of normal recurring adjustments and those described in the notes that follow) considered necessary for a fair presentation have been included. The existence of subsequent events has been evaluated through the filing date of this Quarterly Report. The Company operates under the American Eagle ("AE") and Aerie brands. We also operate Todd Snyder New York ("Todd Snyder"), a premium menswear brand, and Unsubscribed, which focuses on consciously made slow fashion. Founded in 1977, the Company is a leading multi-brand specialty retailer that operates more than 1,500 retail stores in the U.S. and internationally, online through our digital channels at www.ae.com and www.aerie.com, www.toddsnyder.com, www.unsubscribed.com and through more than 300 international store locations managed by third-party operators. Through its portfolio of brands, the Company offers high quality, on-trend clothing, accessories, and personal care products at affordable prices. We sell directl

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