American Eagle Outfitters, Inc. (NYSE: AEO) today announced the following:
- November sales increase of 2% to $272 million, with comparable store sales flat for the month.
- Fourth quarter earnings guidance of $0.43 to $0.46 per diluted share.
- A $0.50 per share special cash dividend.
- A regular quarterly cash dividend of $0.11 per share with accelerated payment into December.
- Extension of the company’s 16 million share repurchase authorization, through February 2, 2013.
November and Year-to-Date Sales
Total sales for the four weeks ended November 27, 2010 increased 2% to $272 million, compared to $266 million for the four weeks ended November 28, 2009. Comparable store sales were flat for the month, compared to a 2% decrease for the same period last year.
Jim O’Donnell, chief executive officer, commented, “November sales reflected a strong performance over Thanksgiving weekend, offsetting some weakness during non-peak periods earlier in the month. Customers are responding to our merchandise offering, and we are well-positioned from an inventory perspective as we enter December.”Total sales for the year-to-date period ended November 27, 2010 increased 3% to $2.32 billion, compared to $2.25 billion for the same period last year. Comparable store sales increased 1% for the year-to-date period, compared to a 7% decrease for the same period last year. The company completed the closure of MARTIN+OSA during the second quarter of 2010. Accordingly, MARTIN+OSA’s total sales for the current year-to-date period and all prior periods have been reclassified as discontinued operations and are not included in the results from continuing operations above. To access the company’s recorded monthly sales commentary, please dial (866) 514-0390, or internationally dial (585) 267-8021. Fourth Quarter EPS Guidance The company is providing fourth quarter 2010 earnings guidance from continuing operations of $0.43 to $0.46 per diluted share. Fourth quarter guidance compares to earnings from continuing operations of $0.38 per diluted share last year.