American Eagle Outfitters Raises Fourth Quarter Guidance Reflecting Record Holiday Sales
08 Gennaio 2024 - 2:00PM
Business Wire
American Eagle Outfitters, Inc. (NYSE: AEO) today announced that
fourth quarter-to-date revenue, through Saturday, December 30,
2023, is up approximately 8%, with American Eagle tracking up high
single digits and Aerie up in the low teens.
The company is raising its fourth quarter outlook for revenue to
be up low double digits, including a four point positive
contribution from the 53rd week, as previously discussed. Operating
profit is now expected to be approximately $130 million, up from
previous guidance of $105 to $115 million. This guidance excludes
potential asset impairment and restructuring charges. The improved
outlook is a result of record holiday sales and strong merchandise
margins.
“This holiday season we executed with confidence and precision,
delivering winning product assortments and an exciting customer
experience which showcased the strength of our brands and
operations,” commented Jay Schottenstein, AEO’s Executive Chairman
of the Board and Chief Executive Officer. “As we build on our
strategic priorities, I am incredibly pleased with the momentum we
are seeing across brands, which has continued into early January.
Looking ahead to 2024, we remain confident in our ability to
deliver healthy earnings growth and operating rate improvement as
we maintain inventory and promotional discipline, prioritize
expense control and benefit from ongoing work on our profit
improvement initiative.”
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 300 international locations operated by
licensees in approximately 30 countries. To learn more about AEO
and the company’s commitment to Planet, People and Practices,
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 fourth
quarter and annual fiscal 2023 and annual fiscal 2024 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 28, 2023 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240105423484/en/
Olivia Messina 412-432-3300 LineMedia@ae.com
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