American Eagle Outfitters Files 10-Q for Q3 2024

TL;DR

AE's Q3 2024 10-Q is in. Financials and segment data filed.

AI Summary

American Eagle Outfitters Inc. reported its third-quarter results for the period ending November 2, 2024. The company's fiscal year ends on January 28th. Key financial data points and segment information were filed as part of this 10-Q report.

Why It Matters

This filing provides investors with the latest financial performance and operational details for American Eagle Outfitters, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 10-Q — Filing Type (Quarterly report filed with the SEC)

Key Players & Entities

• AMERICAN EAGLE OUTFITTERS INC (company) — Filer
• 2024-11-02 (date) — End of reporting period
• 2024-12-04 (date) — Filing date
• PITTSBURGH (location) — Company headquarters

FAQ

Key Financial Figures

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

Filing Documents

• aeo-20241102.htm (10-Q) — 3063KB
• aeo-ex31_1.htm (EX-31.1) — 12KB
• aeo-ex31_2.htm (EX-31.2) — 12KB
• aeo-ex32_1.htm (EX-32.1) — 9KB
• aeo-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-133348.txt ( ) — 9683KB
• aeo-20241102.xsd (EX-101.SCH) — 1105KB
• aeo-20241102_htm.xml (XML) — 1644KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Forward Looking Statements

Forward Looking Statements 4 Item 1.

Financial Statements

Financial Statements 7 Consolidated Balance Sheets: November 2, 2024, February 3, 2024, and October 28, 2023 7 Consolidated Statements of Operations: 13 and 39 weeks ended November 2, 2024 and October 28, 2023 8 Consolidated Statements of Comprehensive Income: 13 and 39 weeks ended November 2, 2024 and October 28, 2023 9 Consolidated Statements of Stockholders' Equity: 13 and 39 weeks ended November 2, 2024 and October 28, 2023 10 Consolidated Statements of Cash Flows: 39 weeks ended November 2, 2024 and October 28, 2023 12

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 13 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 29 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 44

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities N/A Item 4. Mine Safety Disclosures N/A Item 5. Other Information 45 Item 6. Exhibits 46 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 of American Eagle Outfitters, Inc. (the "Company," "AEO," "we," "us," and "our"), 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. Our fiscal year is a 52- or 53-week year that ends on the Saturday nearest to January 31. 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 F

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited; Dollars and shares in thousands, except per share amounts) November 2, February 3, October 28, 2024 2024 2023 (Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents $ 160,195 $ 354,094 $ 240,940 Short-term investments — 100,000 — Merchandise inventory 804,256 640,662 769,315 Accounts receivable, net 214,114 247,934 239,374 Prepaid expenses 118,773 65,082 81,423 Other current assets 38,810 25,578 22,366 Total current assets 1,336,148 1,433,350 1,353,418 Operating lease right-of-use assets 1,237,741 1,005,293 995,023 Property and equipment, at cost, net of accumulated depreciation 745,988 713,336 742,793 Goodwill, net 225,196 225,303 264,825 Non-current deferred income taxes 88,092 82,064 20,791 Intangible assets, net 43,371 46,109 88,201 Other assets 59,596 52,454 55,735 Total assets $ 3,736,132 $ 3,557,909 $ 3,520,786 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 283,471 $ 268,308 $ 300,031 Current portion of operating lease liabilities 293,006 284,508 294,898 Accrued compensation and payroll taxes 90,289 152,353 96,484 Unredeemed gift cards and gift certificates 50,161 66,285 47,676 Accrued income and other taxes 38,468 46,114 19,255 Other current liabilities and accrued expenses 95,620 73,604 72,887 Total current liabilities 851,015 891,172 831,231 Non-current liabilities: Non-current operating lease liabilities 1,098,197 901,122 927,019 Other non-current liabilities 40,322 28,856 24,247 Total non-current liabilities 1,138,519 929,978 951,266 Commitments and contingencies — — — Stockholders' equity: Preferred stock, $ 0.01 par value; 5,000 shares authorized; no ne i

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., a Delaware corporation, at November 2, 2024 and October 28, 2023 and for the 13 and 39 week periods ended November 2, 2024 and October 28, 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") brand and the Aerie brand, which includes the OFFLINE by Aerie brand. 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 nearly 1,500 retail stores in the U.S. and internationally, online through our digital channels at www.ae.com, www.aerie.com, www.toddsnyder.com, and www.unsubscribed.com and through more than 300 i nternational store locations managed by third-party operators. Through its portfolio of brands, the Company offers high quality, on-trend clothing, accessories, and personal care product

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View this 10-Q filing on SEC EDGAR