AEO Reports Record Fourth Quarter Revenue, Reflecting Momentum Across Brands and Continued Progress On Profit Improvement Initiatives
-
Record fourth quarter revenue of
$1.7 billion rose 12% to last year - Aerie achieved all-time high fourth quarter revenue with comps up 13%
- American Eagle comps increased 6% reflecting continued sequential improvement
In a separate release today, the company also announced its new Powering Profitable Growth long-term strategy structured to deliver
“I am proud of how the teams executed in the fourth quarter. As our profit improvement initiatives took hold, we delivered a material improvement in business, underscoring the power of our brands, operations and strategic focus. Customers responded well to our strong merchandise collections fueling positive results across brands and channels,” commented
“We are entering 2024 with momentum and from a position of strength with an exciting line-up of innovation and customer engagement initiatives. Our balance sheet is healthy and we are seeing early proof points of our new long-term strategy to deliver industry-leading earnings growth and shareholder returns, which we look forward to sharing today.”
Fourth Quarter 2023 Results compared to Fourth Quarter 2022 Results:
-
Fourth quarter 2023 results are presented for the 14 weeks ending
February 3, 2024 compared to the 13 weeks endingJanuary 28, 2023 . Comparable sales metrics are presented for the 14 weeks endingFebruary 3, 2024 compared to the 14 weeks endingFebruary 4, 2023 . -
Total net revenue of
$1.7 billion rose 12%. The 53rd week contributed$57 million or approximately four points to revenue growth in the quarter. - Store revenue rose 10%. Total digital revenue increased 19%.
-
Aerie revenue of
$538 million rose 16% with comp sales up 13%. American Eagle revenue of$1.1 billion increased 11% with comp sales growing 6%. -
GAAP Gross profit of
$615 million . Adjusted gross profit of$626 million increased 23%. The adjusted gross margin rate of 37.3% rose 340 basis points. Margin expansion was driven by strong demand, lower product and transportation costs and continued benefits from our profit improvement work including lower markdowns and leverage on rent, distribution and warehousing and delivery. -
Selling, general and administrative expense of
$427 million was up 22%. Aligned with strong business performance, roughly half of the expense increase was due to incentive compensation against zero accruals last year. Store and corporate compensation, advertising as well as the 53rd week contributed to the increase. -
GAAP Operating income of
$9 million . Adjusted Operating income of$141 million . Adjusted operating margin of 8.4% expanded 200 basis points to last year. -
GAAP diluted earnings per share of
$0.03 . Adjusted diluted earnings per share of$0.61 . Average diluted shares outstanding were 200 million.
Fiscal Year 2023 Results compared to Fiscal Year 2022 Results:
-
Fiscal Year 2023 results are presented for the 53 weeks ending
February 3, 2024 compared to the 52 weeks endingJanuary 28, 2023 . Comparable sales metrics are presented for the 53 weeks endingFebruary 3, 2024 compared to the 53 weeks endingFebruary 4, 2023 . -
Total net revenue of
$5.3 billion rose 5%. The 53rd week contributed$57 million or approximately one point to revenue growth in the year. - Store revenue rose 6%. Total digital revenue also increased 6%.
-
Aerie revenue of
$1.7 billion rose 11% with comp sales up 8%. American Eagle revenue of$3.4 billion increased 3% with comp sales growing 1%. -
GAAP Gross profit of
$2 billion . Adjusted gross profit of$2 billion increased 17%. The adjusted gross margin rate of 38.7% rose 370 basis points. Margin expansion was driven by strong demand, lower product and transportation costs, lower markdowns and leverage on rent, distribution and warehousing and delivery. -
Selling, general and administrative expense of
$1.4 billion was up 13%. Roughly half of the expense increase was due to incentive compensation against zero accruals last year. Store and corporate compensation along with advertising also increased. -
GAAP Operating income of
$223 million . Adjusted Operating income of$375 million . Adjusted operating margin of 7.1% expanded 170 basis points to last year. -
GAAP diluted earnings per share of
$0.86 . Adjusted diluted earnings per share of$1.52 . Average diluted shares outstanding were 197 million.
Inventory
Total ending inventory increased 9% to
Capital Expenditures
Capital expenditures totaled
Restructuring and Impairment Charges
In the fourth quarter, the company recorded a
Outlook
For Fiscal 2024, management expects operating income in the range of
Due to easier comparisons in the first half of the year, the significance of the shifted retail calendar and one less selling week in the fourth quarter, we expect revenue and profit growth to be skewed to the first half of the year.
For the first quarter, management expects operating income in the range of
Webcast and Supplemental Financial Information
The company will discuss its financial results and long-term strategy and targets in an extended call beginning at
About
Non-GAAP Measures
This press release includes information on non-GAAP financial measures (“non-GAAP” or “adjusted”), including consolidated adjusted gross profit, operating income, net income, and net income per diluted share, excluding non-GAAP items. These financial measures are not based on any standardized methodology prescribed by
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.
The tables included in this press release reconcile the GAAP financial measures to the non-GAAP financial measures discussed above.
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 management’s expectations or beliefs concerning future events, including first quarter and annual fiscal 2024 results as well as anticipated strategy impact on revenue growth and operating margin in 2025 and 2026. Words such as “outlook,” "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," “may,” “potential,” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements made by the company are inherently uncertain because they are based on assumptions and expectations concerning future events and are subject to change based on many important factors, some of which may be beyond the company’s control. 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
|
|||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(Dollars in thousands) | |||||||||
(unaudited) | |||||||||
|
|
||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ |
354,094 |
|
$ |
170,209 |
|
|||
Short-term investments |
100,000 |
- |
|||||||
Merchandise inventory |
640,662 |
|
585,083 |
|
|||||
Accounts receivable, net |
247,934 |
|
242,386 |
|
|||||
Prepaid expenses and other |
90,660 |
|
102,563 |
|
|||||
Total current assets |
1,433,350 |
|
1,100,241 |
|
|||||
Operating lease right-of-use assets |
1,005,293 |
|
1,086,999 |
|
|||||
Property and equipment, at cost, net of accumulated depreciation |
713,336 |
|
781,514 |
|
|||||
|
225,303 |
|
264,945 |
|
|||||
Non-current deferred income taxes |
82,064 |
|
36,483 |
|
|||||
Intangible assets, net |
46,109 |
|
94,536 |
|
|||||
Other assets |
52,454 |
|
56,238 |
|
|||||
Total assets | $ |
3,557,909 |
|
$ |
3,420,956 |
|
|||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ |
268,308 |
|
$ |
234,340 |
|
|||
Current portion of operating lease liabilities |
284,508 |
|
337,258 |
|
|||||
Accrued compensation and payroll taxes |
152,353 |
|
51,912 |
|
|||||
Unredeemed gift cards and gift certificates |
66,285 |
|
67,618 |
|
|||||
Accrued income taxes and other |
46,114 |
|
10,919 |
|
|||||
Other current liabilities and accrued expenses |
73,604 |
|
66,901 |
|
|||||
Total current liabilities |
891,172 |
|
768,948 |
|
|||||
Non-current liabilities: | |||||||||
Non-current operating lease liabilities |
901,122 |
|
1,021,200 |
|
|||||
Long-term debt, net |
- |
|
8,911 |
|
|||||
Other non-current liabilities |
28,856 |
|
22,734 |
|
|||||
Total non-current liabilities |
929,978 |
|
1,052,845 |
|
|||||
Commitments and contingencies |
- |
|
- |
|
|||||
Stockholders' equity: | |||||||||
Preferred stock |
- |
|
- |
|
|||||
Common stock |
2,496 |
|
2,496 |
|
|||||
Contributed capital |
360,378 |
|
341,775 |
|
|||||
Accumulated other comprehensive loss |
(16,410 |
) |
(32,630 |
) |
|||||
Retained earnings |
2,214,159 |
|
2,137,126 |
|
|||||
|
(823,864 |
) |
(849,604 |
) |
|||||
Total stockholders' equity |
1,736,759 |
|
1,599,163 |
|
|||||
Total Liabilities and Stockholders' Equity | $ |
3,557,909 |
|
$ |
3,420,956 |
|
|||
Current ratio |
1.61 |
|
1.43 |
|
|
||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(Dollars and shares in thousands, except per share amounts) | ||||||||||||||
(unaudited) | ||||||||||||||
GAAP Basis | ||||||||||||||
Fourth Quarter Ended | ||||||||||||||
2024 |
% of Revenue |
2023 |
% of Revenue |
|||||||||||
Total net revenue | $ |
|
1,678,910 |
|
100.0 |
% |
$ |
1,496,088 |
|
100.0 |
% |
|||
Cost of sales, including certain buying, occupancy and warehousing expenses |
|
1,064,324 |
|
63.4 |
% |
988,656 |
|
66.1 |
% |
|||||
Gross profit |
|
614,586 |
|
36.6 |
% |
507,432 |
|
33.9 |
% |
|||||
Selling, general and administrative expenses |
|
427,090 |
|
25.4 |
% |
351,408 |
|
23.5 |
% |
|||||
Impairment and restructuring charges |
|
120,420 |
|
7.1 |
% |
22,209 |
|
1.5 |
% |
|||||
Depreciation and amortization expense |
|
57,840 |
|
3.5 |
% |
60,233 |
|
4.0 |
% |
|||||
Operating income |
|
9,236 |
|
0.6 |
% |
73,582 |
|
4.9 |
% |
|||||
Debt related charges |
|
- |
|
0.0 |
% |
4,655 |
|
0.3 |
% |
|||||
Interest (income) expense, net |
|
(4,961 |
) |
-0.3 |
% |
2,409 |
|
0.2 |
% |
|||||
Other (income), net |
|
(1,505 |
) |
-0.1 |
% |
(4,964 |
) |
-0.4 |
% |
|||||
Income before income taxes |
|
15,702 |
|
1.0 |
% |
71,482 |
|
4.8 |
% |
|||||
Provision for income taxes |
|
9,386 |
|
0.6 |
% |
16,891 |
|
1.2 |
% |
|||||
Net income | $ |
|
6,316 |
|
0.4 |
% |
$ |
54,591 |
|
3.6 |
% |
|||
Net income per basic share | $ |
|
0.03 |
|
$ |
0.29 |
|
|||||||
Net income per diluted share | $ |
|
0.03 |
|
$ |
0.28 |
|
|||||||
Weighted average common shares outstanding - basic |
|
197,524 |
|
190,621 |
|
|||||||||
Weighted average common shares outstanding - diluted |
|
199,589 |
|
196,893 |
|
|||||||||
GAAP Basis | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
2024 |
% of Revenue |
2023 |
% of Revenue |
|||||||||||
Total net revenue | $ |
|
5,261,770 |
|
100.0 |
% |
$ |
4,989,833 |
|
100.0 |
% |
|||
Cost of sales, including certain buying, occupancy and warehousing expenses |
|
3,237,192 |
|
61.5 |
|
3,244,585 |
|
65.0 |
% |
|||||
Gross profit |
|
2,024,578 |
|
38.5 |
% |
1,745,248 |
|
35.0 |
% |
|||||
Selling, general and administrative expenses |
|
1,433,300 |
|
27.2 |
% |
1,269,095 |
|
25.4 |
% |
|||||
Impairment and restructuring charges |
|
141,695 |
|
2.7 |
% |
22,209 |
|
0.4 |
% |
|||||
Depreciation and amortization expense |
|
226,866 |
|
4.4 |
% |
206,897 |
|
4.2 |
% |
|||||
Operating income |
|
222,717 |
|
4.2 |
% |
247,047 |
|
5.0 |
% |
|||||
Debt related charges |
|
- |
|
0.0 |
% |
64,721 |
|
1.3 |
% |
|||||
Interest (income) expense, net |
|
(6,190 |
) |
-0.1 |
% |
14,297 |
|
0.3 |
% |
|||||
Other (income), net |
|
(10,951 |
) |
-0.2 |
% |
(10,465 |
) |
-0.2 |
% |
|||||
Income before income taxes |
|
239,858 |
|
4.5 |
% |
178,494 |
|
3.6 |
% |
|||||
Provision for income taxes |
|
69,820 |
|
1.3 |
% |
53,358 |
|
1.1 |
% |
|||||
Net income | $ |
|
170,038 |
|
3.2 |
% |
$ |
125,136 |
|
2.5 |
% |
|||
Net income per basic share |
$ |
0.87 |
|
$ |
0.69 |
|
||||||||
Net income per diluted share |
$ |
0.86 |
|
$ |
0.64 |
|
||||||||
Weighted average common shares outstanding - basic |
|
195,646 |
|
181,778 |
|
|||||||||
Weighted average common shares outstanding - diluted |
|
196,863 |
|
205,226 |
|
|
|||||||||||||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
14 Weeks Ended |
|||||||||||||||
Gross | Operating | Income Tax | Effective | Net | Earnings per | ||||||||||
Profit1 | Income2 | Expense | Tax Rate | Income | Diluted Share | ||||||||||
GAAP Basis |
$ |
614,586 |
|
$ |
9,236 |
|
$ |
9,386 |
59.8 |
% |
$ |
6,316 |
|
$ |
0.03 |
% of Revenue |
|
36.6 |
% |
|
0.6 |
% |
|
0.4 |
% |
||||||
Add: Impairment, Restructuring and Other Charges |
$ |
10,950 |
|
$ |
131,370 |
|
$ |
115,081 |
|
$ |
0.58 |
||||
Tax effect of the above3 |
$ |
16,289 |
(34.7 |
)% |
|||||||||||
Non-GAAP Basis |
$ |
625,536 |
|
$ |
140,606 |
|
$ |
25,675 |
17.5 |
% |
$ |
121,397 |
|
$ |
0.61 |
% of Revenue |
|
37.3 |
% |
|
8.4 |
% |
|
7.2 |
% |
The following footnotes relate to impairment, restructuring, and other charges recorded in the 14 weeks ended |
|
(1) |
|
(2) Quiet Platforms: |
|
|
International: |
|
|
Additionally, we recorded |
|
Corporate: |
|
All impairments were recorded due to insufficient prospective cash flows to support the asset value. |
(3) The income tax impact of |
|
|||||||||||||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
13 Weeks Ended |
|||||||||||||||
Operating | Debt-related | Income Tax | Effective | Net | Earnings per | ||||||||||
Income1 | charges2 | Expense | Tax Rate | Income | Diluted Share | ||||||||||
GAAP Basis |
$ |
73,582 |
|
$ |
4,655 |
|
$ |
16,891 |
23.6 |
% |
$ |
54,591 |
|
$ |
0.28 |
% of Revenue |
|
4.9 |
% |
|
3.6 |
% |
|||||||||
Add: Impairment and restructuring charges |
$ |
22,209 |
|
$ |
18,186 |
|
$ |
0.09 |
|||||||
Less: Debt-related charges |
$ |
(4,655 |
) |
$ |
552 |
|
$ |
0.00 |
|||||||
Tax effect of the above3 |
$ |
8,126 |
1.8 |
% |
|||||||||||
Non-GAAP Basis |
$ |
95,791 |
|
$ |
- |
|
$ |
25,017 |
25.4 |
% |
$ |
73,329 |
|
$ |
0.37 |
% of Revenue |
|
6.4 |
% |
|
4.9 |
% |
The following footnotes relate to impairment, restructuring and debt-related charges recorded in the 13 weeks ended |
|
(1) Quiet Platforms: |
|
|
International: |
|
|
|
|
|
All impairments were recorded due to insufficient prospective cash flows to support the asset value. |
(2) |
(3) The income tax impact of |
|
|||||||||||||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
53 Weeks Ended |
|||||||||||||||
Gross | Operating | Income Tax | Effective | Net | Earnings per | ||||||||||
Profit1 | Income1, 2 | Expense | Tax Rate | Income | Diluted Share | ||||||||||
GAAP Basis |
$ |
2,024,578 |
|
$ |
222,717 |
|
$ |
69,820 |
29.1 |
% |
$ |
170,038 |
|
$ |
0.86 |
% of Revenue |
|
38.5 |
% |
|
4.2 |
% |
|
3.2 |
% |
||||||
Add: Impairment, Restructuring and Other Charges |
$ |
10,950 |
|
$ |
152,645 |
|
$ |
129,875 |
|
$ |
0.66 |
||||
Tax effect of the above3 |
$ |
22,770 |
(5.3 |
)% |
|||||||||||
Non-GAAP Basis |
$ |
2,035,528 |
|
$ |
375,362 |
|
$ |
92,590 |
23.6 |
% |
$ |
299,913 |
|
$ |
1.52 |
% of Revenue |
|
38.7 |
% |
|
7.1 |
% |
|
5.7 |
% |
The following footnotes relate to the impairment, restructuring and other charges recorded in the 53 weeks ended |
|
(1) |
|
(2) Quiet Platforms: |
|
|
International: |
|
|
Additionally, we recorded |
|
Corporate: |
|
|
All impairments were recorded due to insufficient prospective cash flows to support the asset value. |
|
(3) The income tax impact of |
|
|||||||||||||||
GAAP to Non-GAAP Reconciliation | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
52 Weeks Ended |
|||||||||||||||
Operating | Debt-related | Income Tax | Effective | Net | Earnings per | ||||||||||
Income(1) | charges(2) | Expense | Tax Rate | Income | Diluted Share | ||||||||||
GAAP Basis |
$ |
247,047 |
|
$ |
64,721 |
|
$ |
53,358 |
29.9 |
% |
$ |
125,136 |
|
$ |
0.64 |
% of Revenue |
|
5.0 |
% |
||||||||||||
Add: Impairment and restructuring charges |
|
22,209 |
|
|
18,221 |
|
$ |
0.09 |
|||||||
Less: Debt-related charges |
$ |
- |
|
$ |
(64,721 |
) |
|
49,679 |
|
$ |
0.24 |
||||
Tax effect of the above3 |
$ |
19,030 |
(2.6 |
)% |
|||||||||||
Non-GAAP Basis |
$ |
269,256 |
|
$ |
- |
|
$ |
72,388 |
27.3 |
% |
$ |
193,036 |
|
$ |
0.97 |
% of Revenue |
|
5.4 |
% |
|
3.9 |
% |
The following footnotes relate to impairment, restructuring and debt-related charges recorded in the 52 weeks ended |
|
(1) Quiet Platforms: |
|
International: |
|
|
|
|
All impairments were recorded due to insufficient prospective cash flows to support the asset value. |
(2) |
(3) The income tax impact of |
|
|||||||||||||||
RESULTS BY SEGMENT | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||
|
|
|
|
||||||||||||
Net Revenue: | |||||||||||||||
American Eagle |
$ |
1,066,092 |
|
$ |
961,848 |
|
$ |
3,361,579 |
|
$ |
3,262,893 |
|
|||
Aerie |
$ |
537,462 |
|
$ |
463,663 |
|
$ |
1,670,000 |
|
$ |
1,506,798 |
|
|||
Other (1) |
$ |
159,576 |
|
$ |
154,039 |
|
$ |
489,056 |
|
$ |
469,371 |
|
|||
Intersegment Elimination |
$ |
(84,220 |
) |
$ |
(83,462 |
) |
$ |
(258,865 |
) |
$ |
(249,229 |
) |
|||
Total Net Revenue |
$ |
1,678,910 |
|
$ |
1,496,088 |
|
$ |
5,261,770 |
|
$ |
4,989,833 |
|
|||
Operating Income: | |||||||||||||||
American Eagle |
$ |
181,564 |
|
$ |
153,577 |
|
$ |
599,796 |
|
$ |
541,406 |
|
|||
Aerie |
$ |
87,090 |
|
$ |
56,671 |
|
$ |
275,862 |
|
$ |
167,467 |
|
|||
Other(1)(3) |
$ |
(2,087 |
) |
$ |
(17,413 |
) |
$ |
(36,124 |
) |
$ |
(56,793 |
) |
|||
Intersegment Elimination |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|||
General corporate expenses (2) |
$ |
(125,961 |
) |
$ |
(97,044 |
) |
$ |
(464,172 |
) |
$ |
(382,824 |
) |
|||
Impairment, restructuring and other charges(3) |
$ |
(131,370 |
) |
$ |
(22,209 |
) |
$ |
(152,645 |
) |
$ |
(22,209 |
) |
|||
Total Operating Income |
$ |
9,236 |
|
$ |
73,582 |
|
$ |
222,717 |
|
$ |
247,047 |
|
|||
Debt related charges |
$ |
- |
|
$ |
4,655 |
|
$ |
- |
|
$ |
64,721 |
|
|||
Interest (income) expense, net |
$ |
(4,961 |
) |
$ |
2,409 |
|
$ |
(6,190 |
) |
$ |
14,297 |
|
|||
Other income, net |
$ |
(1,505 |
) |
$ |
(4,964 |
) |
$ |
(10,951 |
) |
$ |
(10,465 |
) |
|||
Income before income taxes |
$ |
15,702 |
|
$ |
71,482 |
|
$ |
239,858 |
|
$ |
178,494 |
|
|||
Capital Expenditures | |||||||||||||||
American Eagle |
$ |
12,728 |
|
$ |
30,033 |
|
$ |
61,139 |
|
$ |
85,033 |
|
|||
Aerie |
$ |
9,170 |
|
$ |
21,421 |
|
$ |
40,746 |
|
$ |
107,084 |
|
|||
Other (1) |
$ |
10,745 |
|
$ |
2,763 |
|
$ |
44,183 |
|
$ |
32,717 |
|
|||
General corporate expenditures (2) |
$ |
6,879 |
|
$ |
6,797 |
|
$ |
28,369 |
|
$ |
35,544 |
|
|||
Total Capital Expenditures |
$ |
39,522 |
|
$ |
61,014 |
|
$ |
174,437 |
|
$ |
260,378 |
|
(1) The Todd Snyder brand, Unsubscribed brand, and Quiet Platforms have been identified as separate operating segments; however, as they do not meet the quantitative thresholds for separate disclosure, they are presented under the Other caption. | |||||||
(2) General corporate expenses are comprised of general and administrative costs that management does not attribute to any of our operating segments. These costs primarily relate to corporate administration, information and technology resources, finance and human resources functional and organizational costs, depreciation and amortization of corporate assets, and other general and administrative expenses resulting from corporate-level activities and projects. | |||||||
(3) Refer to GAAP to Non-GAAP reconciliations for additional detail. |
|
||||||||
STORE INFORMATION | ||||||||
(unaudited) | ||||||||
Fourth Quarter | YTD Fourth Quarter | |||||||
2023 |
2023 |
|||||||
Consolidated stores at beginning of period |
1,199 |
|
1,175 |
|
||||
Consolidated stores opened during the period | ||||||||
AE Brand (2) |
3 |
|
18 |
|
||||
Aerie (incl. OFFL/NE) (3) |
4 |
|
17 |
|
||||
Todd |
2 |
|
6 |
|
||||
Unsubscribed |
1 |
|
1 |
|
||||
Consolidated stores closed during the period | ||||||||
AE Brand (2) |
(25 |
) |
(32 |
) |
||||
Aerie (incl. OFFL/NE) (3) |
(1 |
) |
(2 |
) |
||||
Unsubscribed |
(1 |
) |
(1 |
) |
||||
Total consolidated stores at end of period |
1,182 |
|
1,182 |
|
||||
Stores by Brand | ||||||||
AE Brand (2) |
851 |
|
||||||
Aerie (incl. OFFL/NE) (3) |
310 |
|
||||||
Todd |
16 |
|
||||||
Unsubscribed |
5 |
|
||||||
Total consolidated stores at end of period |
1,182 |
|
||||||
Total gross square footage at end of period (in '000) |
7,391 |
|
7,391 |
|
||||
International license locations at end of period (1) |
310 |
|
310 |
|
(1) International license locations (retail stores and concessions) are not included in the consolidated store data or the total gross square footage calculation. | ||||||
(2) AE Brand includes AE stand alone locations, AE/Aerie side-by side locations, AE/OFFL/NE side-by-side locations, and AE/Aerie/OFFL/NE side-by-side locations. | ||||||
(3) Aerie (incl. OFFL/NE) includes Aerie stand alone locations, OFFL/NE stand alone locations, and Aerie/OFFL/NE side-by-side locations. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240306853640/en/
Line Media
412-432-3300
LineMedia@ae.com
Source: