AEO Inc. Reports Strong Fourth Quarter and Fiscal 2021 Results; Achieves Fiscal 2023 Goals for Structural Transformation Two Years Ahead of Schedule; Real Power. Real Growth. Plan Positions Company for Long-Term Revenue and Profit Growth

Rhea-AI Summary

American Eagle Outfitters reported a record revenue of $5 billion for fiscal 2021, representing a 33% increase from fiscal 2020 and a 16% growth compared to pre-pandemic levels. The fourth quarter saw a 17% rise in total revenue, totaling $1.51 billion. Aerie brand revenue surged 27% to $428 million, while American Eagle brand revenue increased 11% to $1.04 billion. Despite challenges including $80 million in elevated freight costs, gross profit rose 73% year-over-year to $2 billion for the fiscal year.

Positive

• Record fiscal 2021 revenue of $5 billion, up 33% vs. 2020.
• Fourth quarter revenue increased 17% to $1.51 billion.
• Aerie revenue rose 39% to $1.4 billion for fiscal 2021.
• Gross profit for fiscal 2021 increased 73% to $2 billion.

Negative

• Elevated freight costs amounted to approximately $90 million for the year, impacting margins.
• Total digital revenue declined 3% in the fourth quarter.

• Record Fiscal 2021 Revenue of $5 Billion; Up 33% versus Fiscal 2020 and up 16% versus Pre-Pandemic Fiscal 2019
• Adjusted Operating Profit Nearly Doubled versus Pre-Pandemic Fiscal 2019
• American Eagle and Aerie Expanded Customer Base, Fueling Record Revenue and Strong Profit Flow Through

PITTSBURGH--(BUSINESS WIRE)-- American Eagle Outfitters, Inc. (NYSE: AEO) today announced financial results for the fourth quarter and fiscal year ended January 29, 2022.

Jay Schottenstein, AEO’s Executive Chairman of the Board and Chief Executive Officer, commented, “2021 was a milestone year for AEO. We crossed $5 billion in revenue for the first time in company history, grew our active customer file to record highs and achieved our strongest profit result in well over a decade. We leveraged our healthy cash position to fuel Aerie’s growth and made key acquisitions, creating an industry-leading supply chain platform with significant long-term growth and profit potential. I’m incredibly proud of our associates and their outstanding performance in 2021, especially amidst ongoing macro challenges.”

“We entered 2022 a stronger company, supported by our powerful brands, a proven strategy, improved discipline and strategically advantaged operations. While the macro environment remains challenging and we are taking this into account in our plans for the year, we expect our results to still reflect meaningful progress versus prior years, setting a new base-line for profitability. As I look further out, I couldn’t be more excited as we build on our success and deliver returns to shareholders,” Mr. Schottenstein continued.

Fourth Quarter 2021 Results:

• Total net revenue increased $216 million, or 17% to $1.51 billion, compared to $1.29 billion in the fourth quarter of 2020.
• Aerie revenue of $428 million rose 27% from fourth quarter 2020 building on 25% growth last year. American Eagle revenue of $1.04 billion rose 11% versus fourth quarter 2020 following a 9% decline last year.
• Consolidated store revenue increased 32%. Total digital revenue declined -3%. Compared to the pre-pandemic fourth quarter 2019 base, store revenue increased 4% and digital revenue increased 31%.
• Gross profit of $489 million rose 11% from $440 million in the fourth quarter of 2020 and reflected a gross margin rate of 32.4% compared to 34.0% last year. Elevated freight costs amounted to a $80 million headwind in the quarter. Approximately $60 million was air freight specific to Vietnam factory closings, which was an approximately 400 basis point headwind to the gross margin rate. This was partially offset by strong product demand, customer delivery efficiencies, higher full-priced sales, lower promotions and inventory optimization initiatives.
• Selling, general and administrative expense increased 60 basis points as a rate to sales versus fourth quarter 2020 primarily due to higher wages for store associates and variable selling expenses.
• Operating income of $80 million included $80 million of elevated freight costs of which approximately $60 million was air freight specific to Vietnam factory closings. Approximately half of the freight costs related to Aerie and the balance to the American Eagle brand.
• Adjusted operating income of $92 million, also including $80 million of elevated freight costs, excluded $12 million in impairment charges and compared to adjusted operating income of $106 million in the fourth quarter of 2020.
• Average diluted shares outstanding were 203 million, compared to 197 million in the fourth quarter of 2020. The increase primarily reflected 32 million shares of unrealized dilution associated with the company’s convertible notes this year, compared to 26 million shares in the fourth quarter of 2020.
• EPS of $0.25. Adjusted EPS of $0.35 this quarter excludes $0.04 of store impairment, $0.04 of reorganization costs related to our EU license operation, within other non-operating expense, and $0.02 of non-cash interest expense on the company’s convertible notes.

Fiscal Year 2021 Results

• Total net revenue increased $1.3 billion, or 33% to $5.0 billion, compared to $3.8 billion in fiscal year 2020. Compared to the pre-pandemic fiscal year 2019 base, total net revenue increased 16%.
• Aerie revenue of $1.4 billion rose 39% from fiscal year 2020 on top of 24% growth last year. American Eagle revenue of $3.6 billion rose 30% versus fiscal year 2020 following a -21% decline last year. Compared to the pre-pandemic fiscal year 2019 base, Aerie revenue increased 72% and AE revenue increased 2%.
• Reflecting migration back to stores, consolidated store revenue increased 53%. Total digital revenue increased 7%. Compared to the pre-pandemic fiscal year 2019 base, store revenue increased 3% and digital revenue increased 46%.
• Gross profit of $2.0 billion rose 73% from $1.1 billion in fiscal 2020 and reflected a gross margin rate of 39.7% compared to 30.5% last year. Gross margin expansion was driven by strong product demand, higher full-priced sales, lower promotions, rent savings, customer delivery efficiencies and inventory optimization initiatives. This was partially offset by elevated freight costs of approximately $90 million in the year, of which $70 million was air freight specific to Vietnam factory closings.
• Selling, general and administrative expense decreased 160 basis points as a rate to sales versus fiscal year 2020 due to strong revenue growth.
• Operating income of $591 million included approximately $90 million of elevated freight costs of which approximately $70 million was air freight specific to Vietnam factory closings. Approximately half of the freight costs related to Aerie and the balance to the American Eagle brand.
• Adjusted operating income of $603 million, also including $90 million of elevated freight costs, excluded $12 million in impairment and compared to adjusted operating income of $8 million in fiscal year 2020.
• Average diluted shares outstanding were 207 million compared to 167 million in the fourth quarter of 2020. The increase primarily reflected 34 million shares of unrealized dilution associated with the company’s convertible notes this year.
• EPS of $2.03. Adjusted EPS of $2.19 this year excludes $0.04 of store impairment, $0.04 of reorganization costs related to our EU license operation, within other non-operating expense, and $0.07 of non-cash interest expense on the company’s convertible notes.

Inventory

Total ending inventory at cost increased 37% to $553 million compared to $405 million last year. The increase was partially driven by elevated freight costs and product mix. Total inventory units were up 14%. Additionally, ending inventory reflects earlier deliveries of Spring shipments to ensure product availability during ongoing supply chain disruptions.

Capital Expenditures

In the fourth quarter of 2021, capital expenditures totaled $90 million, and for the full-year totaled $234 million.

Cash Flow

The company ended the period with total cash of $435 million following the purchase of Quiet Logistics and strategic investments in December 2021 for approximately $360 million.

Shareholder Returns

The company’s fourth quarter cash dividend of $30 million was paid during the quarter.

Outlook

We are extremely confident in the strength of our brands and pleased with early performance of spring collections. Based on a number of macro uncertainties, however, we are taking a cautious view of 2022. For the year, we expect operating profit to be in the range of $550 to $600 million, compared to adjusted operating profit of $603 million in 2021. Our 2022 guidance reflects structural improvements to our business and significant growth from pre pandemic 2019, which posted adjusted operating profit of $314 million.

Due largely to stimulus in the first half of 2021, which contributed to an extraordinary Spring season, combined with continued freight pressures, we are forecasting an earnings decline in the first half, followed by a recovery in the second half as we lap elevated air freight due to factory closures and inventory flow challenges last year.

Conference Call and Supplemental Financial Information

Management will host a conference call and real time webcast today at 4:30 p.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 Measures

This 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® 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, 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 25 countries. For more information, 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 first quarter and annual fiscal 2022 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 2022 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)
			January 29, 2022				January 30, 2021				February 1, 2020
ASSETS
Cash and cash equivalents			$	434,770			$	850,477			$	361,930
Short-term investments				-				-				55,000
Merchandise inventory				553,458				405,445				446,278
Accounts receivable, net				286,683				146,102				119,064
Prepaid expenses and other				122,013				120,619				65,658
Total current assets				1,396,924				1,522,643				1,047,930
Operating lease right-of-use assets				1,193,021				1,155,965				1,418,916
Property and equipment, at cost, net of accumulated depreciation				728,272				623,808				735,120
Goodwill, net				271,416				13,267				13,157
Intangible assets, net				102,701				57,065				39,847
Non-current deferred income taxes				44,167				33,045				22,724
Other assets				50,142				29,013				50,985
Total assets			$	3,786,643			$	3,434,806			$	3,328,679
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable			$	231,782			$	255,912			$	285,746
Current portion of operating lease liabilities				311,005				328,624				299,161
Accrued compensation and payroll taxes				141,817				142,272				43,537
Unredeemed gift cards and gift certificates				71,365				62,181				56,974
Accrued income taxes and other				16,274				14,150				9,514
Other current liabilities and accrued expenses				70,628				55,343				56,824
Total current liabilities				842,871				858,482				751,756
Non-current operating lease liabilities				1,154,481				1,148,742				1,301,735
Long-term debt, net				341,002				325,290				-
Other non-current liabilities				24,617				15,627				27,335
Total non-current liabilities				1,520,100				1,489,659				1,329,070
Commitments and contingencies				-				-				-
Preferred stock				-				-				-
Common stock				2,496				2,496				2,496
Contributed capital				636,355				663,718				577,856
Accumulated other comprehensive loss				(40,845	)			(40,748	)			(33,168	)
Retained earnings				2,203,772				1,868,613				2,108,292
Treasury stock				(1,378,106	)			(1,407,414	)			(1,407,623	)
Total stockholders' equity				1,423,672				1,086,665				1,247,853
Total liabilities and stockholders' equity			$	3,786,643			$	3,434,806			$	3,328,679
Current ratio				1.66				1.77				1.39

AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in thousands, except per share amounts)
(unaudited)
		GAAP Basis
		13 Weeks Ended
		January 29, 2022			% of Revenue				January 30, 2021			% of Revenue
Total net revenue	$	1,507,937			100.0	%		$	1,292,294			100.0	%
Cost of sales, including certain buying, occupancy and warehousing expenses		1,019,252			67.6	%			852,429			66.0	%
Gross profit		488,685			32.4	%			439,865			34.0	%
Selling, general and administrative expenses		349,680			23.2	%			292,059			22.6	%
Impairment and COVID-19 related charges		11,944			0.8	%			102,639			7.9	%
Depreciation and amortization expense		47,107			3.1	%			41,583			3.2	%
Operating income		79,954			5.3	%			3,584			0.3	%
Interest expense, net		8,595			0.6	%			7,993			0.6	%
Other expense (income), net		3,865			0.3	%			(2,889	)		-0.2	%
Income (loss) before income taxes		67,494			4.4	%			(1,520	)		-0.1	%
Provision (benefit) from income taxes		17,066			1.1	%			(5,056	)		-0.4	%
Net income (loss)	$	50,428			3.3	%		$	3,536			0.3	%
Net income (loss) per basic share	$	0.30						$	0.02
Net income (loss) per diluted share	$	0.25						$	0.02
Weighted average common shares outstanding - basic		167,611							166,310
Weighted average common shares outstanding - diluted		203,388							196,585
		GAAP Basis
		52 Weeks Ended
		January 29, 2022			% of Revenue				January 30, 2021			% of Revenue
Total net revenue	$	5,010,785			100.0	%		$	3,759,113			100.0	%
Cost of sales, including certain buying, occupancy and warehousing expenses		3,018,995			60.3	%			2,610,966			69.5	%
Gross profit		1,991,790			39.7	%			1,148,147			30.5	%
Selling, general and administrative expenses		1,222,000			24.4	%			977,264			26.0	%
Impairment, restructuring and COVID-19 related charges		11,944			0.2	%			279,826			7.4	%
Depreciation and amortization expense		166,781			3.3	%			162,402			4.3	%
Operating income (loss)		591,065			11.8	%			(271,345	)		-7.2	%
Interest expense, net		34,632			0.7	%			24,610			0.7	%
Other (income), net		(2,489	)		-0.1	%			(3,682	)		-0.1	%
Income (loss) before income taxes		558,922			11.2	%			(292,273	)		-7.8	%
Provision (benefit) from income taxes		139,293			2.8	%			(82,999	)		-2.2	%
Net income (loss)	$	419,629			8.4	%		$	(209,274	)		-5.6	%
Net income (loss) per basic share	$	2.50						$	(1.26	)
Net income (loss) per diluted share	$	2.03						$	(1.26	)
Weighted average common shares outstanding - basic		168,156							166,455
Weighted average common shares outstanding - diluted		206,529							166,455

AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
		13 Weeks Ended
	January 29, 2022
			Operating income				Interest expense, net				Other expense (income), net				Net income				Diluted earnings per common share
GAAP Basis			$	79,954			$	8,595			$	3,865			$	50,428			$	0.25
% of Revenue				5.3	%			0.6	%			0.3	%			3.3	%
Add: Asset impairment charges				11,944				-				-				8,918				0.04
Add: EU license operations reorganization				-				-				11,909				8,892				0.04
Less: Convertible debt (1)				-				(4,567	)			-				3,410				0.02
Non-GAAP Basis			$	91,898			$	4,028			$	(8,044	)		$	71,648			$	0.35
% of Revenue				6.1	%			0.3	%			-0.5	%			4.8	%
(1) Amortization of the non-cash discount on the Company's convertible notes

AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
		13 Weeks Ended
	January 30, 2021
		Operating income				Interest expense, net				Net income				Diluted earnings per common share
GAAP Basis		$	3,584			$	7,993			$	3,536			$	0.02
% of Revenue			0.3	%			0.6	%			0.3	%
Add: Impairment and COVID-19 related charges (1)			102,639				-				69,321				0.36
Less: Convertible debt (2)			-				(4,209	)			2,843				0.01
Non-GAAP Basis		$	106,223			$	3,784			$	75,700			$	0.39
% of Revenue			8.2	%			0.3	%			5.9	%
(1) $102.6 million pre-tax impairment and COVID-19 related charges:
- $95.5 million of asset impairment charges - $7.1 million of incremental COVID-19 related charges
(2) Amortization of the non-cash discount on the Company's convertible notes

AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
		52 Weeks Ended
	January 29, 2022
			Operating income				Interest expense, net				Other (income), net				Net income				Diluted earnings per common share
GAAP Basis			$	591,065			$	34,632			$	(2,489	)		$	419,629			$	2.03
% of Revenue				11.8	%			0.7	%			-0.1	%			8.4	%
Add: Asset impairment charges				11,944				-				-				8,944				0.04
Add: EU license operations reorganization				-				-				11,909				8,917				0.04
Less: Convertible debt (1)				-				(18,519	)			-				13,867				0.07
Non-GAAP Basis			$	603,009			$	16,113			$	(14,398	)		$	451,357			$	2.19
% of Revenue				12.0	%			0.3	%			-0.3	%			9.0	%
(1) Amortization of the non-cash discount on the Company's convertible notes

AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
		52 Weeks Ended
	January 30, 2021
		Operating income (loss)				Interest expense, net				Diluted (loss) earnings per common share
GAAP Basis		$	(271,345	)		$	24,610			$	(1.26	)
% of Revenue			-7.2	%			0.7	%
Add: Impairment, restructuring and COVID-19 related charges (1)			279,826				-				1.20
Less: Convertible debt (2)			-				(12,272	)			0.06
Non-GAAP Basis		$	8,481			$	12,338			$	0.00
% of Revenue			0.2	%			0.3	%
(1) $279.8 million pre-tax impairment, restructuring and COVID-19 related charges:
- $249.2 million of asset impairment charges - $26.9 million of incremental COVID-19 related charges - $3.7 million of restructuring charges including corporate and field severance
(2) Amortization of the non-cash discount on the Company's convertible notes

AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
			52 Weeks Ended
			February 1, 2020
			Operating Income
GAAP Basis			$	233,345
% of Revenue				5.4	%
Add: Asset Impairment & Restructuring Charges(1):				80,494
Non-GAAP Basis			$	313,839
% of Revenue				7.3	%

(1) $80.5 million pre-tax impairment and restructuring charges.

- $64.5 million of leasehold improvements, store fixtures, and operating lease right of use assets and a $1.7M goodwill impairment charge - $14.2 million of restructuring charges including $6.7M of corporate and field severance, $4.2M of joint business venture exit charges, $1.8M of market transition costs in Japan and $1.5M of China severance and closure costs for company-owned and operated stores

AMERICAN EAGLE OUTFITTERS, INC.
RESULTS BY SEGMENT
(Dollars in thousands)
(unaudited)
		American Eagle			Aerie			Corporate and Other(1)				Total
13 weeks ended January 29, 2022
Total net revenue		$	1,043,264		$	428,418		$	36,255			$	1,507,937
Operating income (loss)		$	171,898		$	20,946		$	(112,890	)		$	79,954
Asset impairment		$	10,231		$	1,713		$	-			$	11,944
Adjusted operating income (loss)		$	182,129		$	22,659		$	(112,890	)		$	91,898
Capital expenditures		$	15,944		$	34,062		$	39,436			$	89,442
13 weeks ended January 30, 2021
Total net revenue		$	942,892		$	336,709		$	12,692			$	1,292,294
Operating income (loss)		$	91,863		$	13,438		$	(101,717	)		$	3,584
Impairment and COVID-19 related charges		$	53,560		$	34,634		$	14,445			$	102,639
Adjusted operating income (loss)		$	145,423		$	48,072		$	(87,272	)		$	106,223
Capital expenditures		$	11,245		$	8,915		$	15,223			$	35,383
		American Eagle			Aerie			Corporate and Other(1)				Total
52 Weeks Ended January 29, 2022
Total net revenue		$	3,555,706		$	1,376,269		$	78,810			$	5,010,785
Operating income (loss)		$	785,729		$	212,287		$	(406,951	)		$	591,065
Asset impairment		$	10,231		$	1,713		$	-			$	11,944
Adjusted operating income (loss)		$	795,960		$	214,000		$	(406,951	)		$	603,009
Capital expenditures		$	47,106		$	80,062		$	106,679			$	233,847
52 Weeks Ended January 30, 2021
Total net revenue		$	2,733,849		$	989,989		$	35,275			$	3,759,113
Operating income (loss)		$	93,029		$	60,298		$	(424,672	)		$	(271,345	)
Impairment, restructuring and COVID-19 related charges		$	144,486		$	52,849		$	82,491			$	279,826
Adjusted operating income (loss)		$	237,515		$	113,147		$	(342,181	)		$	8,481
Capital expenditures		$	36,606		$	32,723		$	58,646			$	127,975
(1) Corporate and Other includes revenue and operating results of the Todd Snyder and Unsubscribed brands, and the Supply Chain Platform, which have been identified as operating segments but are not material to disclose as separate reportable segments. Corporate operating costs represents certain costs that are not directly attributable to another reportable segment.

AMERICAN EAGLE OUTFITTERS, INC.
STORE INFORMATION
(unaudited)
				Fourth Quarter		YTD Fourth Quarter
				2021		2021
Consolidated stores at beginning of period				1,121		1,078
Consolidated stores opened during the period
AE Brand				8		23
Aerie stand-alone (incl. OFFLINE) (3)				31		74
Todd Snyder				2		3
Unsubscribed				-		3
Consolidated stores closed during the period
AE Brand				(26)		(44)
Aerie stand-alone (incl. OFFLINE)				(3)		(4)
Total consolidated stores at end of period				1,133		1,133
AE Brand				880
Aerie stand-alone (incl. OFFLINE) (3)				244
Aerie side-by-side (incl. OFFLINE) (2)(4)				197
Todd Snyder				5
Unsubscribed				4
Stores remodeled and refurbished during the period				9		22
Total gross square footage at end of period (in '000)				6,931		6,931
International license locations at end of period (1)				248		248
Aerie Openings
Aerie stand-alone (incl. OFFLINE) (3)				31		74
Aerie side-by-side (incl. OFFLINE) (2)(4)				12		21
Total Aerie Openings				43		95

(1) International license locations (retail stores and concessions) 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 12 OFFLINE openings during the period and 16 OFFLINE openings YTD, with 20 OFFLINE stores in the consolidated totals.

(4) Aerie side-by-side stores include 8 OFFLINE openings during the period and YTD, with 14 OFFLINE stores in the consolidated totals.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220302005952/en/

Olivia Messina

412-432-3300

LineMedia@ae.com

Source: American Eagle Outfitters, Inc.

FAQ

What were American Eagle's fourth quarter revenue results for fiscal 2021?

American Eagle reported fourth quarter revenue of $1.51 billion, a 17% increase from the previous year.

How much revenue did Aerie generate in fiscal 2021?

Aerie generated $1.4 billion in revenue for fiscal 2021, reflecting a 39% increase from fiscal 2020.

What is the outlook for American Eagle in 2022?

AEO expects operating profit in 2022 to range between $550 million and $600 million, indicating a cautious outlook due to macro uncertainties.

What were American Eagle's adjusted EPS figures for fiscal 2021?

American Eagle's adjusted EPS for fiscal 2021 was $2.19.

Did American Eagle see growth in gross profit for fiscal 2021?

Yes, American Eagle's gross profit for fiscal 2021 increased by 73% to $2 billion.