美國
證券和交易委員會
華盛頓特區 20549
表單
根據1934年證券交易法第13條或第15(d)條的規定提交的年度報告 |
截至財年的
或者
根據1934年證券交易法第13或15(d)條款的過渡報告 |
委託文件編號:
(註冊人章程中規定的確切名稱)
(州或其他管轄區的 公司註冊或組織地點) |
(美國國稅局僱主 識別號碼) |
|
|
(主要經營辦公室地址) |
(郵政編碼) |
註冊人的電話號碼,包括區號: (
根據《法案》第12(b)節註冊的證券:
每個課程的標題 |
交易標的 |
每個註冊的交易所名稱 |
根據法案第12(g)條註冊的證券: 無
請在註冊人是根據《證券法》第405條定義的知名成熟發行人時打鉤。
如果註冊人不需要根據法案第13條或第15(d)條提交報告,請用勾選標記表示。 是的 ☐
請勾選以指示登記人是否在過去12個月內(或登記人需要提交此類報告的較短時間內)提交了《1934年證券交易法》第13條或15(d)要求提交的所有報告,並且在過去90天內是否受到報告提交要求的約束。
請用勾選的方式指明註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的更短時期內)根據S-T規則405(本章§232.405)提交了所有必要的互動數據文件。
請通過勾選確定註冊人是大型加速報告者、加速報告者、非加速報告者、小型報告公司,還是新興增長公司。請參閱交易所法案第120億.2條中對「大型加速報告者」、「加速報告者」、「小型報告公司」和「新興增長公司」的定義。
☒ |
|
加速報告人 |
☐ |
|
非加速報告人 |
☐ |
|
小型報告公司 |
|
|
|
|
新興成長公司 |
如果是新興成長公司,請通過勾選表明登記人是否選擇不使用根據《交易所法》第13(a)條款規定的新或修訂的財務會計標準的延長過渡期。 ☐
請用勾選符號指示註冊人是否已根據《薩班斯-奧克斯利法案》(15 U.S.C. 7262(b))第404(b)條提交了一份報告,並對其管理層關於內部控制在財務報告中有效性的評估進行了認證,該報告由編制或發佈審計報告的註冊公共會計師事務所出具。
如果證券是根據法案第12(b)條註冊的,請通過勾選標記指示註冊人在提交文件中包含的基本報表是否反映了對先前發行的基本報表的錯誤修正。
請勾選是否這些錯誤修正是重新報表,並且是否需要根據§240.10D-1(b)對任何註冊公司的執行官在相關恢復期間獲得的基於激勵的賠償進行恢復分析。 ☐
請用勾選標記說明註冊人是否爲殼公司(如《法案》第120億.2條所定義的)。 是的 ☐ 沒有
截至2024年8月3日,註冊人非關聯方持有的有投票權和無投票權普通股的總市值爲的$
請指出截至最新可行日期,註冊人每類普通股的已發行股份數量:
引用的文件
公司2025年股東年會的正式委託代理聲明的部分內容通過引用併入本年報10-K表格的第III部分。註冊人預計將在截至2025年2月1日的財政年度的120天內向證券交易委員會提交該正式委託代理聲明。.
美國鷹服裝公司
目錄
|
頁面 編號 |
第一部分 |
|
4 |
|
12 |
|
24 |
|
24 |
|
26 |
|
26 |
|
27 |
|
|
|
第二部分 |
|
28 |
|
31 |
|
44 |
|
45 |
|
78 |
|
78 |
|
81 |
|
81 |
|
|
|
第三部分 |
|
82 |
|
82 |
|
82 |
|
82 |
|
83 |
|
|
|
第四部分 |
|
84 |
|
88 |
|
|
|
2
前瞻性聲明
本年度報告(表格10-K)("年度報告")包含根據1933年證券法(經修訂後的"證券法")第27A條和1934年證券交易法(經修訂後的"交易法")第21E條的定義的「前瞻性陳述」,這些陳述基於管理層的觀點和信念,以及管理層所做的假設和估計。實際結果可能由於各種風險因素而與這些前瞻性陳述有重大差異,包括那些可能不在管理層控制之內的因素。此年度報告中除了歷史事實聲明之外的所有聲明均爲前瞻性陳述。諸如「估計」、「項目」、「計劃」、「相信」、「期待」、「預期」、「打算」、「潛在」和類似表達的詞語可能識別前瞻性陳述。我們的前瞻性陳述包括但不限於有關以下內容的聲明:
由於這些前瞻性陳述涉及風險和不確定性,因此有重要因素可能導致我們的實際結果與前瞻性陳述大相徑庭。潛在風險因素包括在本年度報告的第一部分第1A項下「風險因素」標題下討論的風險因素。任何前瞻性陳述僅在其作出時的日期有效,我們不打算糾正或更新任何前瞻性陳述,無論是由於新信息、未來事件,還是其他原因,除非法律要求。
3
第一部分
項目 1. 業務。
公司資料
美國鷹服裝公司(「公司」,「AEO」,「我們」,「我們」和「我們的」)是一家領先的全球特色零售商,擁有一系列受歡迎的服裝品牌。我們在全球運營和授權近1500家零售店,並在美國和國際上通過www.ae.com和www.aerie.com進行在線銷售。
根植於樂觀、包容和真實,AEO的品牌使每位顧客都能慶祝他們獨特的個人風格。我們在美鷹服飾("AE")品牌下提供休閒、舒適、經典的服裝和高質量的持久產品,並在Aerie和OFFLINE by Aerie品牌下提供內衣、服裝、運動服和泳裝系列。我們通過零售渠道直接向消費者銷售,包括我們的門店和基於專櫃的店內專賣店。我們在美國、加拿大和墨西哥運營門店。我們還與第三方達成許可協議,以在整個亞洲(包括印度)、歐洲、拉丁美洲和中東地區運營美鷹服飾和Aerie商店以及在線市場業務。
我們還經營Todd Snyder New York(「Todd Snyder」),一個高端男裝品牌;Unsubscribed,專注於有意識地製作、慢時尚;以及Quiet Platforms,主要作爲AEO的區域化履行中心網絡,同時利用多餘的空間爲合適的第三方客戶提供服務。
經營板塊
公司已經確定了兩個運營部門(美鷹服飾品牌和Aerie品牌),這也代表了我們的報告部門,並反映了首席運營決策者(定義爲我們的首席執行官)對分析結果和分配資源的內部觀點。此外,我們的Todd Snyder和Unsubscribed品牌以及Quiet Platforms已被確定爲單獨的運營部門;然而,由於它們未滿足單獨披露的定量門檻,因此它們呈現在其他項目下。有關更多信息,請參閱附錄中的第14條,部門報告,合併基本報表。
財政年度
我們的財年是一個52周或53周的年度,以最接近1月31日的星期六結束。在此,"2025財年"指的是將於2026年1月31日結束的52週期限,"2024財年"指的是截至2025年2月1日的52週期限,"2023財年"指的是截至2024年2月3日的53週期限,"2022財年"指的是截至2023年1月28日的52週期限。
品牌
美鷹服飾
美鷹服飾是一家領先的美國牛仔褲和服裝品牌,自1977年以來,一直是休閒風格的首選目的地,受到幾代人的喜愛。我們扎根於真實,充滿積極能量,並受到我們的社區的啓發。我們的系列旨在激勵自我表達,賦予客戶慶祝自己獨特性的力量。
我們的品牌正在擴展我們名爲Real Good的產品,這反映了比傳統方法更高的環保母基標準,並整合了更多可持續的原材料。如今,幾乎所有AE牛仔褲都是在Real Good標籤下製作的。
截至2025年2月1日,我們運營了829家美鷹服飾店。我們在www.ae.com上在線提供美鷹服飾產品。
Aerie
Aerie是一家建立在力量、積極和無照片修飾的平台上的快速成長的生活方式品牌,旨在鼓勵人們愛真實的自我,提供內衣、服裝、運動服和泳裝系列。通過#AerieREAL™運動,我們通過促進積極、自信和賦權來慶祝我們的社區。作爲我們Real Good承諾的一部分,我們使用回收聚酯、回收尼龍面料或可持續來源的棉花製造泳衣、胸罩和內褲。
4
OFFLINE by Aerie 提供了一整套爲真正的運動和舒適而設計的運動服和配件。基於 Aerie 的 leggings 和運動胸罩的成功,OFFLINE 對積極生活方式的獨特詮釋慶祝真實的生活——有些日子你感覺自己可以征服世界,而另一些日子則需要額外的推送才能離開沙發。這是適合生活中各個地方的運動服。我們的 Real Good 承諾延伸到 OFFLINE 系列,其中包括一些我們的暢銷法蘭絨、legging 和 T 恤,都是以環保爲考慮製作的。
截至2025年2月1日,我們運營了318家Aerie品牌獨立店,其中包括42家離線獨立店和39家與Aerie品牌店相連的離線並排店。 在上述提到的829家AE品牌店數量中,我們還運營了183家與AE品牌店相連的Aerie並排店,五個與AE品牌店、Aerie品牌店和OFFLINE相連的地點作爲一個店,以及六個與AE品牌店相連的離線並排店。這些地點包含在上述提到的829家AE店數量中。
此外,Aerie品牌商品在www.aerie.com在線銷售,某些商品在AE品牌商店銷售。
Todd Snyder 紐約
一個受傳統啓發,但爲今天更新的高端男裝品牌,強調多樣性和舒適性。Todd Snyder 提供標誌性基本單品、時尚單品、定製西服和反映典型美國風格的標誌性配飾。從定製剪裁到創新膠囊系列,良好的風格可以既可獲得又充滿樂趣。
截至2025年2月1日,我們已經運營了19家Todd Snyder商店。我們在www.toddsnyder.com上提供Todd Snyder產品。
已取消訂閱
Unsubscribed是一個真正獨特的品牌,提供經過深思熟慮的慢時尚品牌服飾和配飾,提供獨一無二的Vintage單品,彰顯社會責任感和道德生產實踐。每個店鋪都是一個獨特的體驗,尊重並突顯空間及周圍社區的傳統。我們通過以地球爲先的實踐做出明智的選擇,強調本地製作、天然纖維,以及希望生產在風格和品質上都經得起時間考驗的單品。
截至2025年2月1日,我們運營了六家未訂閱商店。我們在www.unsubscribed.com上在線提供未訂閱產品。
關鍵業務優先事項與策略
在2025財年,我們將繼續關注我們的 「推動盈利增長」策略, 以及以下優先事項:
公司將利用以客戶爲中心的能力,繼續加強其回報率("ROI")的紀律,同時依託AEO員工、文化和目標的力量。
房地產
截至2024財年,我們共擁有1,172家自營店和371家授權店。我們的AE品牌店平均面積約爲7,100平方英尺,而我們的Aerie品牌獨立店(包括線下獨立店)平均面積約爲6,200平方英尺。在2024財年,我們公司自營店的加權平均面積下降了6%,降至680萬平方英尺。
公司自營店
我們公司擁有的零售店位於美國、加拿大和墨西哥的購物中心、生活方式中心和街道位置。
請參考本年度報告中納入的合併基本報表的第15條註釋,關於與我們公司自營店相關的減值費用、重組和其他費用的更多信息。
5
下表提供了截至2025年2月1日和2024年2月3日我們公司擁有的門店數量。
|
|
財政年度結束 |
|
|||||
|
|
二月一日, |
|
|
2月3日, |
|
||
|
|
2025 |
|
|
2024 |
|
||
AE品牌: |
|
|
|
|
|
|
||
美國 |
|
|
684 |
|
|
|
696 |
|
加拿大 |
|
|
72 |
|
|
|
75 |
|
墨西哥 |
|
|
73 |
|
|
|
64 |
|
香港 |
|
- |
|
|
|
16 |
|
|
總AE品牌 (1) |
|
|
829 |
|
|
|
851 |
|
Aerie品牌: |
|
|
|
|
|
|
||
美國 |
|
|
273 |
|
|
|
262 |
|
加拿大 |
|
|
28 |
|
|
|
30 |
|
墨西哥 |
|
|
17 |
|
|
|
16 |
|
香港 |
|
- |
|
|
|
2 |
|
|
總Aerie品牌 (2) |
|
|
318 |
|
|
|
310 |
|
Todd Snyder |
|
|
19 |
|
|
|
16 |
|
已取消訂閱 |
|
|
6 |
|
|
|
5 |
|
總合並 |
|
|
1,172 |
|
|
|
1,182 |
|
(1) 包含183家與AE品牌位置相連的Aerie並排門店,五個同時擁有AE品牌、Aerie品牌和OFFLINE的門店,以及六個與AE品牌位置相連的OFFLINE並排門店。
下表提供了過去五個財年度我們公司直營店數量的變化:
財政年度 |
|
年初 |
|
已打開 |
|
已關閉 |
|
年末 |
2024 |
|
1,182 |
|
49 |
|
(59) (1) |
|
1,172 |
2023 |
|
1,175 |
|
42 |
|
(35) |
|
1,182 |
2022 |
|
1,133 |
|
87 |
|
(45) |
|
1,175 |
2021 |
|
1,078 |
|
103 |
|
(48) |
|
1,133 |
2020 |
|
1,095 |
|
40 |
|
(57) |
|
1,078 |
(1) 包括在2024財政年度第四季度改建爲持牌零售店的13個香港地點。有關香港零售業務的更多信息,請參閱本年度報告中包含的合併基本報表的第15條,減值、重組及其他費用。
許可經營
我們的國際授權合作伙伴獲得在特定地理區域內銷售、推廣、市場營銷和/或分銷我們各種類別產品的權利,並從我們這裏採購產品。國際許可方的權利包括擁有和經營零售店的權利,可能還包括在批發市場和店中店特許經營的銷售權,以及經營在線市場業務。截止2025年2月1日,我們的國際授權合作伙伴在約30個國家運營了371家授權零售店和特許經營店,以及批發市場、在線品牌網站和在線市場。
我們計劃繼續增加在許可協議或類似安排下的地點數量,作爲我們對全球貨幣擴張的嚴格策略的一部分。
6
AEO Direct
我們通過我們的數字渠道 www.ae.com、www.aerie.com 和我們的 AEO 應用程序在美國國內和國際上大約 90 個國家銷售商品。我們還在各種國際在線市場上銷售 AE 和 Aerie 品牌商品。我們在 www.toddsnyder.com 上提供 Todd Snyder 和 Unsubscribed 品牌的產品。 www.unsubscribed.com,分別。數字渠道強化了每個特定品牌平台,並旨在補充店內體驗。
在過去的幾年裏,我們投入了大量資源用於建設我們的科技和數字能力。我們將投資重點放在三個關鍵領域:在移動科技方面取得重大進展,投資數字營銷以引導合格流量到我們的網站,以及改善數字客戶體驗以提高轉化率。
全渠道
除了我們在科技方面的投資外,我們還投資於建設全渠道能力,以更好地服務客戶並提高運營效率。這些升級的科技提供了跨渠道的庫存單一視圖,將實體店直接連接到我們的數字商店,爲客戶提供更便捷和更優質的購物體驗。我們的分銷網絡完全是全渠道的,服務於實體店和數字業務。我們提供客戶能夠無縫退貨的能力,客戶可以通過任何渠道退貨,而不論產品最初是在哪裏購買的。我們還提供多種渠道來滿足客戶的訂單。這些包括「送貨上門」,可以通過我們的分銷中心或我們的商店地址(在線購買,從門店發貨)進行配送;「門店自取」,即在線訂單在店內或人行道上完成,以及「店內下單送貨」,客戶在店內下單,商品直接送到他們的家。我們目前正在利用基於雲的科技基礎設施評估我們的數字能力,並將用適當且可靠的機器學習模型來增強這些渠道,以改善客戶體驗。
客戶忠誠計劃
美鷹服飾和Aerie™(「程序」)推出的真實獎勵是一個高度數字化的忠誠度計劃,適用於AEO商店以及www.ae.com和www.aerie.com的在線商店。該計劃爲忠誠會員和信用卡會員提供了多種吸引人的福利。
美鷹服飾和Aerie™的真實獎勵包括:
在該計劃下,會員根據購買活動累計積分,並通過達到積分閾值來獲得獎勵。會員可以以折扣儲蓄憑證的形式獲得美元獎勵。獲得的獎勵在規定的到期日有效,該到期日爲獎勵發行日期後的60天內。在60天的兌換期內未兌換的獎勵將作廢。
商品供應商
我們設計我們的商品,這些商品由第三方工廠生產。在2024財年,我們幾乎所有商品都來自非北美供應商。我們通過遍佈全球的供應商採購商品,主要在亞洲,並且沒有從任何單一工廠或供應商處採購超過10%的商品。雖然我們通過一個國際採購代理商購買了大量商品,但我們並不與任何一個供應商保持獨家的採購承諾。
我們在配送中心設有質量控制部門,以檢查進貨商品的整體生產質量。我們的員工和代理在製造設施中也會進行檢查,以在商品發貨之前識別質量問題。
我們維護一個全面的工廠檢查程序,以監控供應商行爲規範的合規性。新的服裝工廠必須通過初步檢查才能與我們開展業務,我們繼續通過合規團隊的內部審計和使用第三方監測員來審查它們在工作條件、僱傭實踐以及遵守當地法律方面的表現。我們努力與尊重當地的供應商合作。
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我們遵循法律並分享我們在促進人權、勞動權利、環保母基實踐和工作場所安全方面的承諾。自2004年以來,我們是反恐貿易合作伙伴計劃(「CTPAT」)的認證、驗證成員。CTPAT是由美國海關和邊境保護局(「CBP」)提供的自願計劃,進口商同意與CBP合作以增強整體供應鏈安全。2016年,我們被接納爲服裝、鞋類和紡織品中心,這是CBP的卓越與專業中心(「CEE」)之一。建立CEE的目的是確保統一性、創造效率、減少冗餘、增強行業專業知識並促進交易,最終目標是降低邊境成本,並使CBP能夠專注於高風險股票的交通。
庫存與分配
商品直接從我們的供應商發運,並在賓夕法尼亞州的哈茲爾頓和堪薩斯州的渥太華進行去整合,送至我們在美國各地戰略性佈局的區域型配送中心,或在安大略省的密西沙加的加拿大配送中心。此外,一些產品直接發運到商店,從而減少交通時間並降低運營成本。我們與墨西哥的第三方配送中心合同,以服務我們在該區域的公司自有商店和電子商務運營。
監管
我們的產品受到各種聯邦、州、地方和外國監管機構的法規監管。我們的大部分產品由外國供應商製造並進口,受各種貿易法律、海關法規和國際貿易協議的約束。我們銷售的服裝及其他產品受多個政府機構和法規的管轄,包括在美國的聯邦貿易委員會和消費品安全委員會。這些法規主要與產品標籤、市場營銷、許可要求以及消費品安全要求和監管測試有關。我們還受到全球及美國員工的相關法規,以及根據現有或新聯邦或州法律建立的上市公司披露和報告要求的約束,包括證券交易委員會(「SEC」)和紐約證券交易所(「NYSE」)的規則和法規。
我們的許可合作伙伴、採購/採購代理,以及與我們簽約製造和分銷產品的供應商和工廠也須遵守相關法規。我們的協議要求我們的許可合作伙伴、採購/採購代理、供應商和工廠遵守所有適用的法律法規,包括《維吾爾族強迫勞動預防法》,我們未發現任何可能合理預期對我們的合併業務或運營結果產生重大不利影響的違規行爲。
人力資本管理
我們的員工優先。截止到2025年2月1日,我們在全球僱傭了大約44,000名員工,其中大約35,000名爲兼職或季節性員工。在美國,我們僱傭了大約38,000名員工,其中大約30,000名爲兼職或季節性員工。
我們的人、創新、熱情、誠信和團隊合作的價值觀是我們公司的支柱,是每一個決定、每一個產品和每一次互動的中心——它們代表了我們攜手共進文化的基礎。 我們每個人在創造一個每個人都感到被尊重和賦權的環境中都扮演着至關重要的角色,同時我們繼續作爲一個促進個性和差異的社區發展。
爲了評估我們的「攜手共進」文化,我們全面考慮所有信念、價值觀和行爲,這些都反映了我們最佳工作的方式。我們旨在確保所宣揚的與實際實踐之間的一致性。我們相信,我們始終如一的強大員工滿意度得分、公司離職調查數據和其他評級證明了這一目標的實現。
我們的文化模型由傾聽、觀察、支持和告知組成:
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我們的董事會(以下簡稱「董事會」)在監督我們的人才和文化方面發揮着重要作用,並每季度花時間接收高層管理人員關於員工參與度、流失和留任率、人才發展、領導力以及繼任計劃等事項的更新。
人才管理計劃
我們利用一套綜合的人才管理工具和程序,這些工具和程序根植於我們的價值觀貫穿整個人才生命週期。持續的人才評審、績效評估、公平的薪酬實踐和繼任規劃使得2024財年的全職自願和雙向流動率約爲23%,包括我們的門店同事,相比公司五年來的25%平均水平。我們通過許多計劃支持員工發展,包括AEO Academy,這是一個在線培訓平台,爲符合條件的員工提供持續學習機會。AEO Academy擁有超過3,000個模塊,在2024財年總共完成了475,000次。我們對員工發展的關注使得2024財年的全職晉升率約爲25%,而公司五年的平均水平爲24%.
構思
在AEO,我們相信包容性、多樣性、公平性和機會(「IDEA」)是我們共同更好的文化的重要組成部分。我們的價值觀在每一個決策、產品和互動的中心。這意味着旨在確保所有人都受到尊重,並感到做真實的自己不會成爲個人或職業滿足和成長的障礙。我們的使命是通過戰略性、數據支持和以人爲本的行動,在招聘、社區和發展三個支柱上實現可持續進步。我們的價值觀在每一個決策、產品和互動的中心。這意味着確保所有人都受到尊重,並感到做真實的自己不會成爲個人或職業滿足和成長的障礙。
我們有三個理念支柱:招聘、社區和發展。
招聘AEO相信我們的差異和個性使我們作爲一個組織更強大。通過不斷改善招聘流程以及戰略性地擴展我們發現和培養候選人的途徑,我們相信可以吸引並轉化頂尖人才。
社區. 我們的員工有自由做自己,獨特地幫助創造一個充滿活力的社區。我們相信 AEO 是一個讓我們的員工期待來工作的地方,他們相信自己所做的工作,感到被重視,並因他們的貢獻而受到認可。在 AEO,我們也知道我們不僅有能力影響公司內部的生活,還能在我們所運營的社區中產生持久的影響。我們知道,踐行以人爲本、創新、熱情、誠信和團隊合作的價值觀將使我們豐富內部和外部的社區,並維持我們的包容性文化。
發展. 我們相信爲我們的領導者和員工提供必要的資源,以建立和維護一個包容的工作環境,投資於員工的職業發展,並培養未來和新興領導者的後備力量。
在2024財政年度,我們通過IDEA倡議繼續增強AEO,包括:
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總獎勵
我們的薪酬計劃旨在吸引和留住高技能、注重績效的員工,他們熱愛我們的品牌,並體現我們的更好團結文化。我們專注於提供簡單明瞭的薪酬計劃,以便員工能夠輕鬆理解。確保我們的團隊因交付成果而獲得獎勵是我們的一個重要優先事項。
我們努力做出公平的薪酬決策,爲此,我們通過內部和外部的視角定期評估薪酬。我們專注於內部薪酬公平,並定期進行基準測試,以確保與外部市場的競爭力。
我們的薪酬計劃包括三個關鍵要素,爲短期和開多期提供平衡的機會:
作爲整體薪酬策略的一部分,我們爲員工提供了一系列豐富的計劃和項目,理解他們的需求和優先事項各不相同。在滿足特定資格要求的情況下,我們的全職員工可以享受多種醫療、牙科和視力計劃。在美國,我們最大的市場,我們還提供整體健康計劃、401(k)計劃、員工股票購買計劃、學生貸款支持、在主要地點設有現場醫療保健中心,以及帶薪父母和照顧者假期。
健康與安全
我們的員工、客戶和合作夥伴的健康、安全和安防是我們公司價值觀和運營優先事項的首要考慮。我們堅定地致力於以人爲本的理念,承諾實施全面的健康、安全和安防計劃,貫穿我們組織的每一個層面。
我們的健康與安全管理計劃旨在採用主動策略進行社區健康監測、事故預防和全面的員工培訓,從而確保對任何出現的問題迅速和有效的響應。該計劃將安全內化爲共同責任,管理層不僅負責,而且對維護我們公司設定的高標準負有完全責任。
通過集中精力分析與健康和安全相關的主要因數,我們主動應對潛在風險,旨在在事故發生之前預防意外。我們通過觀察和指導員工的工作實踐,確保任何不安全的行爲能夠及時糾正。
每年進行基準測試和審計程序強調了AEO對卓越的承諾,其結果由我們的高管管理團隊審核。然後,我們採取糾正措施以解決識別出的不足,從而強化我們的安全框架。
我們多層次的安防方法,通過科技、培訓制度和警惕性得到了增強,使AEO成爲我們行業安全的標杆。
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我們對開創性安防技術的擁抱是創造AEO最佳工作和購物環境的基本原則。通過對人員和車輛進行復雜的篩查技術,並結合人工智能和愛文思控股的分析,我們增強了對情況的意識和早期檢測能力,以識別任何需要及時關注的安防偏差。
此外,AEO在全球風險和威脅情報上的投資反映了我們積極主動的態度,以識別和減輕來自各種來源的潛在威脅,包括健康疫情、自然災害、地緣政治變化和全球衝突。我們專注的風險分析和主動溝通有效地保護了我們全球員工、產品和財產的安全。
競爭
全球零售服裝行業在實體店和線上都競爭激烈。我們與多家地方、國家和全球的服裝零售商競爭,以及百貨商店和折扣零售商的休閒服裝和鞋類部門,主要在質量、時尚、服務、選擇和價格方面展開競爭。
商標和服務標誌
我們已在美國專利和商標局註冊了AMERICAN EAGLE OUTFITTERS®,AMERICAN EAGLE®,AE®,AEO®,LIVE YOUR LIFE®,AERIE®,OFFLINE BY AERIE®以及各種鷹的設計。我們還已註冊或申請註冊在我們商店、電子商務網站和/或製造商所在地,以及我們的產品交通到的外國的商標,幾乎涵蓋了所有這些商標。
我們已在加拿大知識產權局註冊了AMERICAN EAGLE OUTFITTERS®、AMERICAN EAGLE®、AE®、AEO®、LIVE YOUR LIFE®、AERIE®及各種鷹的設計。我們還申請註冊了OFFLINE BY AERIE™,適用於包括品牌服飾在內的多種產品。
在美國和世界其他國家,我們也註冊了或申請註冊了許多其他在我們業務中使用的商標,包括 TODD SNYDER®、UNSUBSCRIBED®、AE77® 和 AE 24/7™,我們的口袋縫線設計也已註冊爲受保護的商標,或已在美國法院裁定爲受保護的商標。
我們的註冊商標可以無限期續期,並且其註冊情況根據註冊國家的法律妥善維護。我們打算根據我們的業務計劃使用、續期和實施我們的商標。
季節性
從歷史上看,我們的運營具有季節性,總淨營業收入和營業利潤的大部分發生在第三和第四個財政季度,反映了在開學季和年終假期銷售季節的需求增加。我們的季度運營結果也可能因某些假期季節的時間、新店開業的數量和時間、季節性商品的可接受性、折扣的時間和水平、商店關閉和改造、競爭因素、天氣以及一般經濟和政治條件等因素而波動。
有關我們高管的信息
瑪麗莎·A·鮑德溫,現年54歲,自2021年9月起擔任我們的首席人力資源官。在加入我們之前,鮑德溫女士於2019年11月至2021年5月在Ascena Retail Group/Ann Inc.擔任首席人力資源官;2015年至2019年擔任人力資源與企業傳播高級副總裁(ANN INC.);2011年至2015年擔任安妮公司人力資源副總裁。在此之前,鮑德溫女士曾擔任人力資源領導職務,專注於星巴克公司的發展和擴張,以及在帝亞吉歐北美公司建立包容性文化。
珍妮弗·M·福伊爾,58歲,自2021年6月起擔任我們的總裁、執行創意官 - AE 和 Aerie,並從2020年9月到2021年6月擔任AEO Inc.的首席創意官和全球品牌總裁 - Aerie。在此之前,她自2015年以來擔任我們的全球品牌總裁 - Aerie。福伊爾女士曾於2014年2月至2015年1月擔任執行副總裁、Aerie首席商品官,並於2010年8月至2014年2月擔任Aerie高級副總裁、首席商品官。在加入我們之前,福伊爾女士曾於2009年至2010年擔任Calypso ST. Barth的總裁。此外,她曾於2003年至2009年擔任J. Crew Group, Inc.的首席商品官。早在她的職業生涯初期,
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福伊爾女士自1999年至2003年擔任Gap Inc.女性部門商品經理,並在1988年至1999年期間在Bloomingdales擔任過多個職位。
邁克爾·A·馬提亞斯他今年50歲,自2020年4月以來一直擔任我們的執行副總裁和財務長。在此之前,他於2017年10月至2020年4月擔任財務規劃與分析高級副總裁,並在1998年至2014年間擔任過多個關鍵的財務和運營職位。從2016年到2017年,馬蒂亞斯先生擔任General Nutrition Centers, Inc.的財務規劃與策略副總裁。從2014年到2016年,他擔任SY Ventures的總裁兼管理合夥人。
傑伊·L·肖滕斯坦,現年70歲,自2015年12月起擔任我們的執行董事長兼首席執行官。在此之前,肖滕斯坦先生在2014年1月至2015年12月期間擔任我們的執行主席兼臨時首席執行官。自1992年3月以來,他還曾擔任公司及其前任董事長。他從 1992 年 3 月到 2002 年 12 月擔任我們的首席執行官,在此之前,他自 1980 年起擔任我們前任的副總裁兼董事。自1992年3月起,他還擔任肖滕斯坦百貨公司(「SSC」)的董事會主席兼首席執行官,自2001年起擔任總裁。在此之前,肖滕斯坦先生在1986年至1992年期間擔任SSC副主席。自 1982 年以來,他一直擔任 SSC 的董事。肖滕斯坦先生自 2005 年 3 月起還擔任 Designer Brands Inc.(f/k/a DSW Inc.)董事會執行主席紐約證券交易所股票代碼:DBI),曾在2005年3月至2009年4月期間擔任該公司的首席執行官。2006 年至 2022 年,他還擔任艾伯森公司有限公司(紐約證券交易所代碼:ACI)的董事會成員。自 1976 年以來,他還擔任過由其家族成員擁有或控制的其他各種實體的高級管理人員和董事。
可用信息
我們的10-K表格年度報告、10-Q表格季度報告、8-K表格當前報告以及對這些報告的任何修訂,都是根據《證券交易法》第13(a)條或第15(d)條以電子方式提交或提供給SEC的,同時我們根據《證券交易法》第14條提交的最終代理材料,均可以在我們的網站www.aeo-inc.com的投資者關係部分找到。這些報告和材料在以電子方式提交或提供給SEC後,會盡快免費提供給公衆。或者,您也可以通過訪問SEC的網站www.sec.gov來獲取這些報告。
我們的公司治理材料,包括公司治理指南、審計、薪酬及提名治理和企業社會責任委員會的章程,以及我們的道德規範,可以在我們網站的投資者關係部分找到,網址是www.aeo-inc.com。這些公司治理材料的副本也可以根據書面請求獲得。
此外,我們的投資者演示文稿可以在我們的網站 www.aeo-inc.com 的投資者關係部分找到。這些材料在投資者會議上展示時不會晚於這個時間提供。
我們在本報告中僅作爲非活動文本參考包含上述網站地址和其他網站地址。通過我們任何網站或其他任何網站所包含或可訪問的信息不被視爲本年度報告的引用,且不應被視爲本年度報告的一部分。
項目1A. 風險因素
宏觀經濟與行業板塊風險
全球貨幣經濟控制項以及經濟壓力和其他業務因素對消費者可自由支配支出和消費者偏好變化的影響,已經對我們的業務、運營結果和財務控制項產生了重大不利影響,並可能繼續產生這樣的影響。
全球經濟的不確定狀態繼續影響着世界各地的企業,包括我們公司。我們業務的成功高度依賴於消費支出,而消費支出可能受到經濟狀況和影響可支配消費者收入的其他因素的負面影響,包括所得稅、工資稅、就業、消費者債務、利率、能源成本的增加和消費者信心。經濟狀況的惡化,特別是在美國,可能會對自願消費支出產生不利影響,從而對我們的收入和經營結果產生負面影響。在過去,例如在COVID-19疫情期間,消費者自願支出的疲軟導致我們產品的需求下降,進而影響了我們的運營結果和財務狀況。消費支出的下降已經並且在未來可能導致我們產品的需求減少、庫存增加、收入降低、折扣增加、定價壓力和毛利潤降低。美國及全球經濟中的通貨膨脹和其他宏觀經濟壓力,如利率上升或不確定、美國政府新或加徵關稅、供應鏈中斷、衰退擔憂、地緣政治衝突,例如俄羅斯的入侵,等等。
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烏克蘭和中東衝突,繼續爲我們和我們的客戶創造複雜而具有挑戰性的零售環境,消費者可能會減少可自由支配的支出。如果全球經濟和金融市場控制項惡化,以下因素可能對我們的業務、運營結果和財務控制項產生重大不利影響:
在不確定的經濟環境中,我們無法預測此類情況何時可能改善或惡化,或者這些情況可能對我們的業務、運營結果、現金流和財務狀況產生何種影響(如果有的話)。
我們未能及時預測和應對不斷變化的消費偏好、時尚趨勢以及消費需求的波動,可能會對我們的業務和運營結果產生不利影響。
專業零售服裝業務受經濟和消費者偏好及趨勢的變化影響,這些變化受時尚潮流、季節等因素的引導,可能迅速轉變。這些波動會對我們的銷售和毛利產生重大影響,而且由於商品通常是在銷售季節之前很久就已訂購,這種影響會加劇。儘管我們努力持續識別產品及產品類別的趨勢,以及消費偏好,並努力提供符合這些趨勢和偏好的庫存和購物體驗,但我們可能無法有效和/或及時地做到這一點。因此,我們對消費需求的變化、價格波動以及商品採購的時機和選擇感到脆弱。
我們的未來成功部分依賴於我們及時預測、識別和應對時尚趨勢、變化的消費偏好以及消費者消費模式的變化。我們在設計和採購決策上的交貨時間可能使我們更難以迅速響應新的或變化的服裝趨勢,或消費者對我們產品的接受度。如果我們未能及時簽訂商品製造和採購協議,可能會導致庫存短缺和銷售下降等問題。如果對時尚趨勢的識別、預測或應對不當,可能會對我們的盈利能力產生負面影響,並對我們的業務夥伴造成實質性不利影響。我們預計不斷變化的與時尚相關的趨勢和消費者口味將影響我們未來產品的需求。消費者口味、時尚趨勢和品牌聲譽的變化可能會對我們的財務表現產生影響。如果我們無法預見和應對時尚趨勢和變化的消費者需求,和/或如果我們無法保持強大的品牌聲譽,我們的業務可能會受到影響。
季節性可能導致銷售波動,並對我們的運營結果產生負面影響。
歷史上,我們的業務是季節性的,總淨營業收入和營業收入的大部分都出現在第三和第四財季,這反映了在返校季和年底假期銷售季節期間需求的增加。由於這種季節性,每年第三和第四財季對我們產生負面影響的因素,包括惡劣天氣或不利經濟條件,可能會對我們整個年度的財務狀況和經營成果產生重大不利影響。因此,我們可能無法準確預測我們的季度銷售情況。因此,我們的經營結果可能會在不同的期間之間顯著波動。我們的季度經營結果也可能會因某些假期季節的時間、數量等因素而波動。
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新店開業的時機、季節性商品供應的可接受性、打折的時機和幅度、商店關閉和改造、競爭因素、天氣,以及一般經濟和政治狀況。
這種季節性,以及其他超出我們控制範圍的因素,包括公共衛生事件、社會或政治動盪、一般經濟狀況、消費偏好的變化、天氣條件(包括氣候變化的影響)、進口配額的可用性、交通中斷以及外匯匯率波動,可能會對我們的業務產生不利影響,並導致我們的運營結果波動。
我們在一個競爭激烈的行業板塊中運營,並且面臨來自現有競爭對手和新競爭對手的重大價格壓力。
服裝、配飾、內衣和個護用品的銷售是一個競爭激烈的業務,參與者衆多,包括個人和連鎖專賣服裝零售商、快時尚零售商、地方型、區域型、全國性和國際性的百貨商店;折扣店和在線業務。服裝行業的競爭,在數字市場中尤其激烈,市場上有新的進入者,價格壓力加大,以及與客戶參與、交付速度、運費和退貨特權等方面相關的客戶期望和競爭壓力加劇。此外,快時尚、價值時尚和折扣零售商已改變了消費者對知名品牌定價的預期,並在近年來增加了額外的促銷和定價壓力。消費者偏好的變化已經導致並可能繼續導致我們產品的新競爭。過去幾年來,數字渠道的銷售大幅增長增加了競爭,因爲有新的進入者和成熟的競爭對手,特別是在客戶參與、交付速度、運費和退貨特權方面。這些競爭對手中有一些擁有強大的數字消費體驗和高效的交付系統。此外,整體購物中心流量的減少持續使人們更依賴數字渠道,這進一步增加了與數字和在線銷售相關的競爭風險。
我們面臨各種競爭挑戰,包括:
此外,我們的競爭對手可能會在將新技術(例如人工智能)融入他們的產品提供和與客戶的互動方面超越我們,這可能會影響我們的競爭力和運營結果。我們在利用這些技術進步方面的努力可能不會成功,可能會導致巨額的集成和維護成本,並可能使我們面臨額外的風險。出於人工智能目的而從我們的業務收集的任何數據集中的個人信息可能會受到未經授權的獲取或訪問、泄露或丟失,這可能導致業務和安防成本增加、聲譽損害、行政處罰以及顯著的法律和財務風險。如果人工智能程序生成的內容、分析或建議不夠充分、不準確或偏見,可能會對我們的業務、財務狀況和運營結果產生不利影響,以及我們的聲譽。此外,人工智能相關的倫理問題可能導致品牌損害、競爭劣勢或法律後果。我們在實施或使用人工智能或其他技術進步方面的任何問題都可能對我們的業務或運營結果產生負面影響。
鑑於我們面臨的許多競爭挑戰,我們可能在未來無法成功競爭,這可能導致市場份額下降。此外,競爭對手數量的增加可能會減少我們的銷售,這反過來可能對我們的運營結果和財務狀況產生重大不利影響。
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我們的結果可能會受到超出我們控制範圍的事件的負面影響,例如自然災害、公共衛生危機、政治危機和選舉結果、負面的全球氣候模式或其他災難性事件。
我們的運營、我們的許可方、供應商或客戶的運營,可能會受到各種超出我們控制範圍的事件的負面影響,包括但不限於自然災害,如颶風、龍捲風、洪水、地震、極端寒冷事件、異常溫暖的天氣和其他不利的天氣條件;公共衛生危機,如流行病和疫情;政治危機,如恐怖襲擊、戰爭、地緣政治不確定性、勞動動亂和其他政治不穩定(包括但不限於俄羅斯與烏克蘭之間的持續戰爭以及中東的衝突);負面的全球氣候模式,特別是在水資源緊張的地區;或其他災難性事件,如在我們的配送中心或我們供應商的製造設施發生的火災或其他災害,無論是在美國還是在國際上。特別是,這些類型的事件可能影響我們與受影響地區的供應鏈、我們或我們的許可方或其他第三方運營我們的商店或網站的能力,或者如果受影響地區包括我們的公司辦公室、商店或配送中心,則可能影響我們整體的業務。此外,這些類型的事件可能會對受影響地區或根據嚴重程度,對全球的消費支出產生負面影響。在我們供應商的製造設施發生的災害可能會影響我們的聲譽以及消費者對我們品牌的看法。在這些事件發生的情況下,我們的運營和財務結果可能會受到不利影響。此外,氣候變化的影響可能導致法規或消費者偏好的變化,這可能反過來影響我們的業務、運營結果和財務狀況。
商譽、無形資產和其他長期資產的減值可能會對我們的盈利能力產生不利影響。
行業或整體經濟趨勢顯著負面、客戶對我們產品的需求變化、我們業務的中斷,以及我們運營結果或使用開多資產的意外顯著變化或計劃變化,可能導致商譽、無形資產和其他開多資產的減值。
戰略風險
我們未能發展和優化我們的數字渠道以及利用全渠道能力可能會對我們的業務產生不利影響。
我們已經在三個關鍵領域進行了重大投資,並預計將繼續進行這些投資:移動科技、數字營銷和數字客戶體驗。雖然我們在這些領域進行了大量的資本投入,但並不能保證我們能夠實現預期的投資回報,或在發展和優化數字渠道方面取得成功。
此外,數字運營面臨着衆多風險,包括對第三方電腦硬體/軟體和服務提供商的依賴、數據泄露、違反不斷變化的法律法規,包括與在線隱私、信用卡欺詐、通信故障、電子入侵和類似漏洞、人工智能和機器學習,以及互聯網服務中斷有關的法規。美國和外國政府的法規變化也可能對我們通過數字渠道向客戶提供產品的能力產生負面影響。未能成功應對這些風險可能會對銷售產生不利影響,並損害我們品牌的聲譽。
隨着全渠道零售的不斷髮展,我們的客戶越來越可能在多個互聯互通的渠道購物,以滿足他們的需求。此外,我們的競爭對手也在投資全渠道項目,其中一些可能比我們的項目更成功。我們未能對消費者行爲和競爭環境的變化作出反應,或者未能成功維護和擴展我們的全渠道業務,可能會對我們的運營結果產生不利影響。請參閱「— 運營風險 — 我們未能管理全渠道運營中的增長及其對我們的分銷和履行網絡的影響,可能會對我們的運營結果產生不利影響。」
我們未能有效管理全渠道業務的增長,以及這對我們的分銷和履約網絡造成的影響,可能會對我們的運營結果產生不利影響。
越來越多的消費者正在使用基於移動的設備和應用程序與我們及我們的競爭對手在線購物,並進行比較購物,以及通過在移動平台上提供的數字服務和體驗與我們及我們的競爭對手進行互動。在2024財年,數字銷售佔我們總營業收入的37%。爲了實現增長和保持競爭力,我們需要繼續適應未來科技的變化,包括人工智能的發展,以滿足消費者不斷變化的需求。我們未能提供具有吸引力、有效、可靠、安全和用戶友好的數字商務平台,提供各種商品快速送達選項,持續滿足在線購物者不斷變化的期望,或未能向我們的客戶提供吸引人的數字體驗,可能會使我們處於競爭劣勢,導致數字商務和其他銷售的損失,損害我們在消費者中的聲譽,對我們全球數字商務業務的增長產生重大不利影響,並對我們的業務及運營結果產生重大不利影響。
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我們的全渠道運營面臨衆多風險,這些風險可能對我們的業績產生重大不利影響。風險包括但不限於重現店內體驗的困難;我們預見和實施科技和物流創新的能力,以吸引越來越依賴多渠道滿足購物需求的現有和潛在消費者;以及與我們的網站基礎設施、網站及相關壓力位系統的運行相關的失敗和風險,包括計算機病毒、消費者信息的盜竊、隱私問題、電信故障和電子入侵以及類似的中斷。
我們未能維持高效和連續的履約操作,可能會對我們的經營結果產生重大不利影響。在線購物消費者的滿意度取決於,除了其他因素之外,他們能否及時收到符合自己期望的商品。如果我們在分發設施上遇到困難,或者這些設施因任何原因關閉,包括因火災、自然災害或停工,我們可能會面臨庫存短缺,產生顯著更高的成本和更長的配送時間,導致消費者不滿意。任何這些問題都可能對我們的運營、財務狀況和現金流產生重大不利影響。
未能定義、推出和傳達與品牌相關的客戶體驗可能會對我們的增長和盈利能力產生負面影響。
我們努力與顧客建立強烈的情感聯繫,並豐富顧客體驗,包括通過我們的忠誠計劃——美鷹服飾和Aerie™的真實獎勵,提供顧客激勵,包括賺取積分,這些積分可以轉換爲獎勵美元,用於未來的購買,此外還有其他的獎勵優惠。如果我們的營銷和客戶體驗項目,包括我們的忠誠計劃,不成功,或者如果我們的競爭對手在其計劃方面更有效,我們的財務業績和盈利能力可能會受到負面影響。
我們無法執行關鍵業務優先事項可能會對我們的增長和盈利能力產生負面影響。
我們的成功取決於我們執行關鍵優先事項的能力。實現這些關鍵業務優先事項取決於我們成功執行我們的戰略,而我們在這些目標下實施的舉措可能不符合客戶的期望,或者未能成功實現其預期目標。我們生成預期收益的舉措可能需要比預期更長的時間,並且無法保證追求這些關鍵優先事項將導致經營成果的改善或某一特定優先事項的實現。錯位和競爭舉措可能導致效率低下、錯誤優先的努力以及資源稀釋。未能成功實施我們的關鍵業務優先事項可能會對我們的增長和盈利能力產生負面影響。
我們當前的國際業務以及進一步拓展國際市場的努力,讓我們面臨在其他國家運營所固有的風險。
我們將繼續在合適的情況下追求更多國際擴張計劃,包括在特定國際市場中由公司自營店和第三方通過許可安排運營的商店。國際擴張安排對我們的業務和經營結果的影響是不確定的,將取決於各種因素,包括我們產品在新國際市場的需求。此外,儘管我們提供商店運營培訓、資料和支持,但如果被許可方未能按照我們關於品牌和客戶體驗標準的要求運營其商店,則我們的業務結果和品牌價值可能會受到負面影響。
在我們追求國際擴張的過程中,我們受到某些法律的約束,包括《反海外腐敗法》和我們運營的外國國家的法律,這些法律可能會施加新的或變化的監管限制和要求,包括在數據隱私、可持續性和應對氣候變化等領域。違反這些法律可能會使我們面臨政府監管機構的行動,包括制裁、進口限制和關稅,以及其他可能對我們的聲譽、運營結果和財務狀況產生不利影響的處罰。
如果我們未能妥善實施擴展計劃,或在現有或新國際市場中面臨政治或經濟風險的不利影響,可能會對我們的經營成果和財務控制項產生重大不利影響。在某些國際市場上,我們在經營公司自營店方面的經驗有限,並且在所有國際市場上,我們面臨着成熟的本地和國際競爭者。在許多這些地點,房地產業、勞動力和就業、交通和物流以及其他運營要求與我們更有經驗的地點存在巨大的差異。消費需求和行爲,以及口味和購買趨勢,可能會有所不同。
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這可能會顯著影響我們的產品銷售成功,或者這些銷售的利潤率可能與我們目前的預期不符。我們在國際擴展過程中,未能預測和應對遇到的差異,可能會將財務、運營和管理資源從現有業務中轉移出去,這可能對我們的財務狀況和運營結果產生不利影響。此外,我們面臨着與我們以其他貨幣計價的營業收入、利潤、資產和負債有關的外匯匯率風險。我們未來可能用來對沖某些外匯風險的工具,可能無法完全抵消外匯匯率變動對我們的業務和運營結果的所有負面影響。
操作風險
我們未能保護我們的聲譽可能會對我們的品牌產生重大不利影響。
我們的業務依賴於品牌的價值和聲譽,以及我們預測、識別和響應消費需求與偏好及時尚趨勢的能力。另外,社交媒體平台的日益使用使得溝通變得快速,任何與上述問題相關的負面宣發可能會減少我們商品的需求。公衆對我們產品或商店的看法,無論是否合理,可能會損害我們的聲譽,使我們捲入訴訟,損害我們的品牌,並可能對我們的業務、運營結果和財務控制項產生不利影響。
我們品牌的吸引力可能還取決於我們環保、社會和治理("ESG")倡議的成功,這需要公司範圍的協調與一致。我們正在努力管理風險和成本,這些風險和成本關係到我們、我們的特許經營商和我們的供應鏈,承受着氣候變化以及化石燃料和水資源減少的影響。這些風險包括政府和非政府組織對氣候變化和其他環保可持續發展問題的關注,涵蓋包裝和廢物、動物福利和土地使用等方面。我們可能會面臨更大的壓力,以擴大在這些領域的披露,做出承諾,設定目標或建立額外的目標,並採取行動以實現這些目標,這可能會使我們面臨市場、運營及執行的成本或風險。我們在ESG報告中披露的指標,例如排放和用水量,不論是基於我們自己設定的標準還是他人設定的標準,可能會影響我們的聲譽和品牌價值。如果我們未能及時取得這些指標的進展,或根本沒有取得進展,可能會對我們的業務、財務表現和增長產生不利影響。通過選擇公開設定並分享這些指標並擴展我們的披露,我們可能還會面臨與ESG活動相關的更大審查。因此,如果我們在報告的領域未能負責任地採取行動,可能會對我們的聲譽和品牌價值造成損害。任何對我們聲譽的傷害或我們未能或被認爲未能充分處理ESG相關活動,包括設定指標或增強披露,可能會對我們的業務、財務表現和增長產生不利影響。
我們無法實施和維持足夠的信息科技系統可能會對我們的盈利能力產生不利影響,而信息科技系統的中斷可能會對我們的業務產生重大不利影響。
我們的信息科技系統是我們高效運營業務戰略的重要組成部分,負責管理運營及保護與電子處理和傳輸機密消費和員工數據相關的安防風險。保持我們的信息科技系統在最佳性能下運行的要求可能高於預期,這可能會給我們的資本資源、任何系統升級的管理、新系統的實施以及與新系統相關的變更管理流程帶來壓力,並影響我們預防未來信息安全漏洞的能力。我們定期評估我們的信息科技系統,目前正在實施對支持我們業務的信息科技系統的修改和/或升級。修改包括用繼任系統替換遺留系統、對遺留系統進行更改或獲取具有新功能的新系統。我們意識到運營、更換和修改這些系統所固有的風險,包括系統信息不準確和系統中斷。如果未能預估和/或及時適當的緩解,信息科技系統中斷和不準確的信息有可能對我們的運營結果產生重大不利影響。此外,無法保證在發生任何信息科技系統故障、網絡攻擊或安全漏洞時能夠及時檢測或充分修復。
我們數據中心的任何重大中斷都可能對依賴這些系統的操作產生重大不利影響,特別是我們的商店和電子商務操作、我們的分銷和履行中心以及我們的商品團隊。雖然我們保持業務中斷和財產保險,但在數據中心停機的情況下,我們的保險可能不足以覆蓋對業務的影響。
此外,如果我們的信息技術系統由於任何原因受到損壞、被攻擊或無法正常運行,包括第三方服務提供商的性能不佳、故障或網絡安全攻擊、災難性事件、電力中斷、網絡中斷、升級失敗或類似事件,並且如果我們的災難恢復和業務連續性計劃無法有效解決這些問題,我們可能會遭受管理或的中斷。
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開展業務,以及聲譽損害,我們可能面臨政府調查和訴訟,任何一個都可能對我們的業務、運營結果和財務控制項產生不利影響。
此外,我們大多數公司辦公室的員工都在執行混合工作安排(辦公室工作/遠程辦公概念)。如果我們的員工因爲無效的遠程辦公安排或科技故障或限制而無法工作,我們的事件將會受到不利影響。此外,遠程辦公安排可能增加安防事件、數據泄露或網絡攻擊的風險,這可能會對我們的業務和事件結果產生重大不利影響,原因包括但不限於專有數據的丟失、我們業務運作的中斷或延誤、聲譽受損以及任何政府強加的罰款。
我們面臨與電子處理敏感和機密的個人及業務數據相關的風險。如果這些數據丟失或以未經授權的方式披露,或者我們或我們的第三方廠商遭受網絡攻擊、數據泄露、其他安防事件或信息技術系統或軟體的干擾,這些事件可能使我們面臨責任,損害我們的聲譽,並對我們的業務產生重大不利影響。
鑑於我們業務的性質,我們與代表我們行動的第三方一起,接收、收集、處理、使用和保留敏感和機密的消費和合夥人數據,以及專有的商業信息。我們的業務依靠信息科技網絡和系統來營銷和賣出我們的產品,處理財務和個人信息,管理各種業務流程並遵守監管、法律和稅務要求。我們還依賴各種信息系統來有效處理消費者訂單和其他數據,以及進行數字營銷活動,並在我們的員工、消費者、潛在消費者和供應商之間進行電子通信。我們的某些第三方服務提供商,如身份驗證和支付處理提供商,也定期訪問消費者數據。此外,我們還維護與我們的業務和第三方相關的其他機密、專有或其他敏感信息。
我們或我們的供應商擁有、運營、控制或使用的信息技術網絡和系統可能會受到損害、干擾或關閉,軟體或硬件漏洞、數據泄露、安全事件、供應方攻擊、升級或更換軟體、數據庫或元件過程中的故障、電力中斷、自然災害、硬件故障、計算機黑客攻擊、通信故障、用戶錯誤、用戶不當行爲、計算機病毒、未經授權的訪問、網絡釣魚或社會工程攻擊、勒索軟體攻擊、拒絕服務攻擊以及其他真實或感知的網絡攻擊或災難性事件,所有這些都可能無法通過我們對信息技術系統的安全努力而得到預防。任何這些事件均可能導致我們平台的中斷或關閉,影響我們處理消費訂單的能力,或跟蹤、記錄或分析我們產品銷售的能力,數據的丟失或損壞,或者個人信息或其他敏感信息(如我們的知識產權)的未經授權訪問或獲取。此外,某些新技術,包括人工智能,帶來了新的和重大的網絡安全安全風險,必須在實施之前進行分析和解決。
我們利用安防工具和控制措施,並依賴我們的第三方廠商採取足夠的安全措施,包括加密和身份驗證科技,以保護個人及其他敏感信息。然而,信息科技能力的進步(包括人工智能)、黑客和網絡恐怖分子使用的日益複雜的工具和方法、以及密碼學領域的新發現或其他進展,可能導致我們或我們的供應商未能充分保護個人或其他敏感信息,並且不能保證我們或我們的供應商不會遭受網絡攻擊,黑客或其他未經授權的方不會獲取或外泄個人信息或其他敏感數據(包括輸入到第三方生成性人工智能平台中的數據),或者任何此類數據泄露或未經授權的訪問將被及時發現或整改。
我們依賴於合作伙伴、承包商和其他可能試圖規避我們安防措施的第三方,以獲取此類信息,並可能故意或無意地導致涉及此類信息的泄露。實際的或預期的攻擊可能導致我們面臨不斷增加的成本,包括部署額外人員和保護技術的費用、培訓合作伙伴、支付更高的保險費用,以及聘請第三方專家提供額外服務。涉及機密和個人數據的信息安防泄露可能會損害我們的聲譽以及客戶從我們這裏購買的意願。此外,由於信息安防的泄露,我們可能會承擔重大責任和修復成本,包括對被盜的消費或合作伙伴數據的潛在責任、修復系統損壞或向受泄露影響的消費或合作伙伴提供信用監控或其他福利。如果我們經歷信息安防泄露,我們的保險可能不足以覆蓋對業務的影響。儘管我們已經制定了減輕安防風險的控制措施,以保護我們的數據免受因安防泄露導致的損失或披露,包括旨在減少第三方供應商安防泄露影響的流程,但這些措施無法提供絕對的安防。
我們和我們的第三方廠商經常遭受網絡攻擊,目的是破壞服務。我們的第三方廠商曾經並可能成爲網絡相關攻擊的受害者,這可能導致運營中斷,造成
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對我們履行消費訂單的能力產生不利影響。安全事件,如勒索軟體攻擊,正變得越來越普遍和嚴重,並且越來越難以檢測。我們及我們的第三方廠商過去曾遭受網絡攻擊、網絡釣魚和社交工程攻擊以及其他安全事件,並可能在未來繼續面臨這些攻擊。我們和我們的第三方廠商可能無法預見、檢測或防止所有類型的攻擊,直到攻擊已經開始,因爲獲取未授權訪問的技術越來越複雜、不斷髮展,並可能在市場上不爲人知。例如,隨着人工智能的不斷髮展,網絡攻擊者也可能利用人工智能開發惡意代碼和複雜的網絡釣魚嘗試。安全漏洞也可能由於非技術問題而發生,包括我們員工、我們的第三方廠商或其人員或其他方的故意或意外行爲。如果我們或我們的第三方服務提供商經歷安全漏洞,導致市場表現問題、可用性問題,或個人數據或機密信息的丟失、損壞、未授權訪問或披露,消費者可能不願意提供我們在我們的網站上進行購買所需的信息,我們的聲譽和市場地位可能會受到損害。現有消費者也可能減少他們的購買量或完全關閉他們的賬戶。我們還可能面臨潛在的索賠、調查、監管程序、責任和訴訟,並承擔與修復和其他響應任何數據安全漏洞相關的其他重大費用,所有這些可能無法得到保險的充分覆蓋,並可能導致我們承擔更高的保險成本,或者在經濟可行的條件下根本無法獲得保險。保險公司也可能拒絕我們未來索賠的保障。任何這些結果都可能損害我們的增長前景、財務狀況、業務和聲譽。
我們的國際商品採購策略使我們面臨可能對我們的業務和運營結果產生不利影響的風險。
我們設計自己的商品,這些商品由全球的第三方供應商製造。由於我們擁有全球供應鏈,任何導致進口中斷的事件,包括主要供應商的破產、全球健康危機或重大的勞工爭議,包括涉及港口、轉運、整合商或交通商的任何此類行動,都可能對我們的運營產生不利影響。鑑於當前市場的波動性和風險,我們對外部供應商的依賴使我們面臨一定的風險,如果其中一個或多個外部供應商破產,可能會影響我們的運營。關鍵供應商的財務失利可能會干擾我們的運營,並對我們的現金流、運營結果和財務狀況產生不利影響。
貿易問題可能會干擾我們的供應鏈。包括提高關稅或配額、禁運、保障措施和針對服裝項的海關限制在內的貿易限制,以及美國或外國的勞動罷工、停工或抵制,可能會增加服裝的成本或減少我們可用的服裝供應,從而對我們的業務、財務狀況和經營結果產生不利影響。
我們有一份供應商行爲準則,爲我們的供應商提供關於工作條件、僱傭實踐和遵守當地法律的指導方針。供應商行爲準則的副本已發佈在我們的網站 www.aeo-inc.com 上,幷包含在我們的供應商手冊中,提供英語和多種其他語言版本。無法保證在我們的供應鏈中消除所有違規行爲。關於我們的任何供應商工廠違反供應商行爲準則或其他社會責任標準的宣傳,可能會對我們的聲譽、銷售和財務表現產生不利影響。
全球範圍內存在恐怖活動的風險。這種活動可能表現爲阻礙進口貨物流通的物理行爲,或者在進口貨物中插入有害或致傷的物質。我們無法預測任何此類活動的發生可能性或它們對我們運營產生的負面影響程度。
我們也面臨由新發生或持續的武裝衝突引起的風險。例如,俄羅斯與烏克蘭之間的持續戰爭以及中東地區的衝突已經並將繼續造成全球市場的混亂、不穩定和波動。這些衝突已經並可能繼續造成由升級的地緣政治緊張局勢和通貨膨脹壓力等因素引發的不利全球經濟狀況。
我們的產品成本可能會受到外貿問題的不利影響,包括與中國的進口關稅和其他交易限制、原材料價格上漲、政治不穩定或其他原因,這可能會影響我們的利潤。
我們購買的產品中有很大一部分是在海外生產的。外國進口使我們面臨與進口關稅、配額的變化、美國對進口商品徵稅的引入或通過採納基於目的地的所得稅管轄權對我們外國供應商的進口商品銷售延伸美國所得稅相關的風險,以及與美國的"最惠國"地位喪失、發貨延遲和航運港口限制、勞動罷工、停工或其他中斷、交通成本上升和經濟不確定性相關的風險。此外,如果美國採取措施,我們在從外國供應商處購買的產品銷售中可能會面臨顯著更高的美國所得稅和類似稅收。
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一種稅收制度,例如邊界調整稅,其中進口產品的成本在確定這些產品的稅基時不可扣除。如果這種稅制被採用,我們可能還會面臨從國內供應商那裏購買的、在國外生產或製造的產品價格上漲的情況,如果它們受到這種稅的影響。
此外,美國政府定期考慮對我們及我們的供應商進口產品的其他限制。此外,潛在實施更嚴格的貿易政策、更高的關稅,或對我們銷售或採購產品的美國或其他國家現有貿易協議的重新談判,可能會擾亂我們的運營,並對我們的業務產生重大不利影響。特別是,未來的貿易爭端或與中國未來的貿易談判階段,可能導致徵收關稅,從而對我們的供應鏈和業務產生不利影響。美國與中國之間的貿易緊張關係一直很高。例如,近年來,美國對來自中國的某些產品類別的進口徵收了重大新關稅。我們的大部分產品是在國外製造的,包括在中國。由於這些關稅,我們從中國進口的商品成本略有增加。美國已經提議對從中國交通的商品徵收額外的關稅。這些提議的關稅或其他對從中國交通的商品的關稅,可能會增加我們商品的成本,並對我們的運營結果產生負面影響。儘管這些變化會對整個行業產生影響,但我們可能無法有效適應和管理應對此類變化所需的策略調整。我們正在與當前供應商合作,以減輕我們對當前或潛在關稅的風險,並尋求與中國以外的供應商合作的機會,但不能保證我們能夠抵消任何額外成本或確保中國以外的供應商。此外,其他國家可能會根據美國已經制定或可能在未來制定的進口關稅及其他貿易政策和法規的變化,改變其商業和貿易政策。
此外,中國或其他國家可能會針對美國現有或未來實施的關稅採取報復性貿易措施,這可能對我們的業務產生負面影響。如果這些事件繼續如前所述,我們可能需要尋找替代供應商或供應商,提高價格,或對我們的運營進行調整,任何一項都可能對我們的銷售和盈利能力、運營結果和財務狀況產生重大不利影響。如果這些或其他因素導致我們供應商的供應商或我們產品製造商所在國家的貿易中斷,我們的庫存水平可能會減少,或我們的產品成本可能會增加。
我們的供應商可能會受到經濟狀況和週期以及變化的法律和監管要求的影響,這可能會影響他們與我們做業務的能力,或導致我們終止與他們的關係,並需要我們尋找替代者,而這可能會給我們帶來困難。
我們的供應商受到一般經濟週期波動的影響,全球經濟狀況可能會影響他們運營業務的能力。由於通貨膨脹壓力或勞動力和分銷成本上升等原因,他們也可能受到原材料成本或供應情況增加的影響,這可能導致他們對合同條款的要求不那麼理想,或者無法滿足我們的要求或開展自己的業務。供應商的表現和財務狀況可能導致我們改變業務條款,或停止與某個特定供應商的業務往來,或者改變我們的一般採購實踐,這可能會對我們的業務和財務狀況產生不利影響。
此外,我們要求我們的供應商遵守適用的法律,包括勞動、安全、反腐敗、人權和環保母基法律,並滿足我們的供應商行爲準則和其他行業標準。我們能夠找到符合我們標準的合格供應商,並按時高效地提供我們可能要求的成交量的產品,符合適用法律,可能面臨重大挑戰,特別是對於位於美國境外的供應商及其來源的商品。此外,美國的對外貿易政策、關稅以及對進口商品施加的其他限制、對某些國家和實體施加的貿易制裁、對含有某些材料的商品進口限制,以及其他與對外貿易政策相關的因素超出了我們的控制範圍,並且在即將進行的選舉面前充滿不確定性。
我們未能實現計劃中的門店業績、在購物中心客流量下降的情況下獲得市場份額或吸引顧客到我們的門店,可能會對我們的盈利能力和運營結果產生不利影響。
我們商店所取得的結果可能無法反映長期業績或其他地點商店的潛在業績。我們未來的一部分增長取決於我們在有吸引力的位置運營商店的能力,同時需要資本投資和租賃成本提供賺取合理回報的機會。我們無法確定這樣的理想位置在合理成本下何時或是否會出現。我們商店未能實現可接受的結果可能會導致商店資產減值費用,這可能會對我們的經營業績和財務狀況產生不利影響。
此外,我們的房地產業策略可能不會成功,商店位置可能無法產生預期結果,這可能影響我們的競爭地位和盈利能力。顧客的購物模式正在不斷演變。
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實體店逐漸轉向數字渠道。我們在購物中心擁有的公司直營店面臨客流量下降的趨勢,而我們的數字渠道卻在持續增長。我們增加營業收入和獲得新客戶的能力取決於我們推動實體店和數字渠道的客流量,以便在客戶想購物的時候和地方上能夠接觸到他們。
我們尋求在成功的購物中心或街道位置中找到顯眼的實體店。我們的商店受益於購物中心「主力」租戶的能力,這些租戶通常是大型百貨商店和其他區域吸引力,能夠在我們店附近產生消費流量。我們無法控制數字渠道對購物中心流量的日益影響,無法控制在我們有店鋪的購物中心內主力或其他重要租戶的流失,無法控制美國或全球新購物中心的開發,無法控制合適位置的可用性或成本,無法控制與其他零售商爭奪顯眼位置的競爭,或無法控制個別購物中心的成功。這些因素都可能影響我們達到銷售目標的能力,並可能對我們的財務業績產生實質性的負面影響。此外,一些在我們開店時位於顯眼位置的購物中心和商業區可能不再被視爲顯眼。如果這種向實體零售的趨勢持續下去,或者如果在我們顧客中購物中心購物的受歡迎程度繼續整體下降,我們的銷售可能會下降,這將影響我們的經營結果和財務狀況。
未能妥善管理和分配我們的庫存可能會對我們的業務、銷售、利潤、財務控制項和運營結果產生不利影響。
爲了更好地服務我們的客戶並最大化銷售,我們必須通過合理分配商品到各個門店、及時高效地將庫存分發到這些地點、保持這些地點的適當庫存組合和水平,以及有效管理定價和折扣,來正確執行我們的庫存管理策略,並且沒有保證我們能夠做到這一點。此外,隨着我們繼續採取措施來調整庫存規模,庫存流動和位置可能會出現中斷。未能有效執行我們的庫存管理策略可能會對我們的業務、財務狀況和運營結果產生不利影響。
我們部分依據銷售預測來採購庫存。如果我們的銷售預測與客戶需求不匹配,我們可能會面臨庫存水平過高,需要對過剩或滯銷庫存進行降價,從而導致利潤率下降,或者我們的庫存不足以滿足客戶需求,導致銷售損失,這兩種情況都可能對我們的財務表現產生不利影響。
我們有重大租賃義務,並面臨與租賃大量空間相關的風險,包括未來佔用成本的增加以及需要產生可觀的現金流以滿足我們的租賃義務。
經營租賃義務主要包括與商店經營租賃相關的未來最低租賃承諾,這代表了一項重要的合同承諾。我們所有的商店都是租賃的,通常初始租期爲五到十年。在未來,我們可能無法爲最理想的商店位置談判到有利的租賃條款。如果無法做到這一點,可能會導致我們未來幾年的租賃成本更高,或迫使我們關閉一些理想位置的商店。
某些租賃協議具有提前終止期權,可以在特定條件下行使。除了未來的最低租賃付款外,我們的一些商店租賃協議還規定了額外的租金支付,基於淨銷售的百分比,或稱爲「百分比租金」,如果各商店的銷售超過指定水平,還包括支付租戶的佔用費用,包括維護費用、公共區域費用、房地產業稅以及其他一些費用。我們的許多租賃協議在初始期限及任何續期內都有明確的租金逐步增加條款。
我們依賴於運營產生的現金流來支付租賃費用。如果我們的業務無法創新足夠的運營現金流來資助這些費用,原因可能是購物中心客流量持續下降、競爭激烈的促銷零售環境或其他因素,我們可能無法償還租賃費用,或者可能需要承擔額外的債務,這可能對我們的業務造成重大損害。此外,滿足我們在租賃下的義務所需的大量現金流增加了我們對一般經濟、行業和競爭條件不利變化的脆弱性,並可能限制我們資助流動資金、承擔債務及進行資本支出或其他投資的能力。
我們依賴於關鍵人員,失去他們可能會對我們的業務產生重大不利影響。
我們的成功在很大程度上依賴於我們吸引和留住合格的關鍵人員,包括高級管理層,特別是我們的執行主席兼首席執行官Jay Schottenstein,以及我們的總裁兼執行創意官Jennifer Foyle。高級管理層和其他關鍵人員的集體或個人變動可能會對我們判斷和執行策略的能力產生不利影響,這可能會對我們的業務和運營結果造成負面影響。高級管理層和其他關鍵人員的競爭非常激烈。
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我們無法確保能夠吸引、留住和培養足夠數量的合格高級管理人員和其他關鍵人員。
我們還必須吸引、培養和留住足夠數量的合格現場和配送中心人員。人才競爭激烈,零售行業的人員流動率普遍較高,我們無法保證在未來的時期能夠吸引和留住足夠數量的合格人員。我們滿足勞動需求的能力同時控制成本受到失業率、現行工資水平、最低工資立法和加班規定等外部因素的影響。如果我們無法留住、吸引和激勵具備適當技能的人才,或者如果我們組織結構、經營業績或商業模式的變化對士氣或留存產生不利影響,我們可能無法實現我們的目標,經營結果可能會受到不利影響。此外,失去一個或多個關鍵人員,或無法有效識別適合的繼任者擔任關鍵角色,可能會對我們的業務產生重大不利影響。
勞動力成本的增加,包括工資,可能會對我們的運營結果、財務控制項和運營結果產生不利影響。
我們的商店和配送中心的運營受到有關最低工資、工作條件和加班工資等法律的限制。隨着最低工資標準的提高或相關法律法規的變化,我們可能需要不僅提高最低工資員工的工資,還需要提高其他小時工或薪水員工的工資。勞動成本的增加可能會對我們的財務狀況和運營結果產生負面影響。此外,我們在一個競爭激烈的勞動力市場中運營,其他零售商和公司的工資行動可能迫使我們提高薪資、工資標準、獎金和其他激勵措施,以吸引和留住我們所有零售店、配送和履行中心以及總部的優秀員工。勞動力短缺和員工流失率的增加也可能提高我們的勞動成本。這反過來可能導致我們提高價格,從而對我們的銷售產生不利影響。我們還面臨與其他商店和配送中心的費用及運營成本相關的風險。相反,如果競爭壓力或其他因素阻止我們通過提高價格來抵消增加的勞動成本,我們的盈利能力可能會下降。
我們無法保證會支付分紅派息,或者如果支付,分紅派息的金額將與歷史水平一致。
我們通常會支付季度分紅,資金來源於運營產生的現金流和手頭可用現金。分紅的聲明需由我們的董事會自行決定,並受到適用州法律對可分配資金的概念和合同限制的限制。因此,未來支付的分紅金額(如有)將取決於多個因素,包括我們手頭可用的現金、預期的現金需求、整體財務狀況、未來可能的合同限制、未來的收益和現金流的前景,以及董事會認爲相關的其他因素。此外,如果董事會認爲此舉符合公司及其股東的最佳利益,也可能會在任何時候暫停支付分紅。
不能保證公司將來會定期或以其他方式支付分紅派息。如果我們的財務控制項或其他因素需要,我們的董事會可能會選擇在未來再次延遲或暫停支付分紅派息。
法律、稅務和監管風險
我們必須遵守與數據隱私、保護和安防相關的嚴格且不斷變化的法律、法規和標準。未能遵守隱私法律和法規可能對我們的業務產生重大不利影響。
州、聯邦和外國政府越來越多地制定法律和法規,規範個人可識別信息和數據的收集、使用、保存、共享、轉移和安防。各種聯邦、州、地方和外國法律法規、命令、規則、規範、監管指導以及某些行業標準涉及隱私、數據保護、消費保護、信息安防和個人信息及其他數據的處理適用於我們的業務。此領域的州和聯邦立法及監管活動可能會導致新的或修訂的法規或指導,這可能會妨礙我們的業務,例如,通過限制消費者數據的使用或共享(包括用於營銷和廣告)或以其他方式監管人工智能(包括算法和自動處理的使用),這可能會對我們的業務產生重大影響或顯著增加合規成本。
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我們還需遵守其他消費數據和保護/隱私法律,包括加利福尼亞州的消費者法律救濟法、不正當競爭和虛假廣告法、誠實和準確的信用交易法以及電話消費者保護法,以及加拿大的反垃圾郵件法。此外,監管環境日益嚴格,關於網絡安全、信息安全和隱私的要求頻繁新變,各個司法管轄區之間可能存在不一致。我們或我們的任何業務合作伙伴未能遵守適用法律、規則和法規,可能會導致政府機構對我們進行調查或採取行動,私人索賠和訴訟,罰款、處罰或其他責任。這些事件可能增加我們的費用,使我們面臨責任,並損害我們的聲譽,可能對我們的業務產生重大不利影響。
雖然我們旨在在所有重要方面遵守適用的隱私和數據保護法律及義務,但不能保證我們不會面臨違反此類法律和義務的索賠,也不能保證我們能夠成功應對這些索賠,或在不合規的情況下不會面臨重大罰款和處罰。此外,隨着多州法律的引入,其標準不一致或相互衝突,而沒有聯邦法律來優先適用這些法律,遵守這些法律可能會變得困難且成本高昂,甚至是不可實現的,我們可能會在不合規的情況下面臨罰款和處罰。
公司的修訂和重述章程(「章程」)規定,在法律允許的最大範圍內,特拉華州衡平法院將是公司與其股東之間某些法律訴訟的專屬論壇,這可能會增加提起訴訟的成本,抑制訴訟或限制公司的股東在被股東視爲對公司或公司的董事、高級職員或其他員工更有利的司法論壇中提起訴訟的能力。
我們的章程規定,在法律允許的最大範圍內,除非公司書面同意選擇其他論壇,否則對任何(i)代表公司提起的衍生訴訟或程序;(ii)主張因任何現任或前任董事、官員或公司其他員工或代理人對公司或公司股東所欠的信託責任的違約而提出的索賠的訴訟,包括指控協助和幫助這種信託責任違約的索賠;(iii)根據特拉華州一般公司法(「DGCL」)的任何條款,主張針對公司或任何現任或前任董事、官員或公司其他員工或代理人的索賠的訴訟;(iv)主張與公司或任何現任或前任董事、官員或公司其他員工或代理人相關的或涉及公司的訴訟,該訴訟受特拉華州內部事務原則的管轄;或(v)主張「內部公司索賠」的訴訟,正如該術語在DGCL第115條中定義的那樣,將在每種情況下由位於特拉華州的特拉華衡平法院專屬管轄(如果位於特拉華州的特拉華衡平法院對任何此類訴訟或程序缺乏管轄權,則該訴訟或程序的唯一和專屬論壇應爲位於特拉華州的其他州或聯邦法院)。此外,我們的章程規定,除非公司書面同意選擇其他論壇,否則美國聯邦地區法院將是解決任何主張根據證券法提起的訴訟的唯一和專屬論壇。選擇論壇的條款可能會增加提起索賠的費用,阻礙索賠或限制股東在其認爲對公司或公司的董事、官員或其他員工的爭議有利的司法論壇提起索賠的能力,這可能會阻礙對公司或公司的董事、官員及其他員工的訴訟。或者,如果法院發現章程中包含的選擇論壇條款在某一訴訟中不適用或不可執行,公司可能會因此在其他管轄區解決該訴訟而承擔額外的費用。公司的章程中的專屬論壇條款並不排除或縮小根據聯邦證券法(包括交易法或證券法的修訂版)提起的訴訟的專屬聯邦或並存管轄權的範圍,或根據相關規則和法規的規定。
我們可能無法保護我們的商標和其他知識產權。
我們相信,正如第一部分第1項中所述的商標和服務標記對我們的成功和競爭地位至關重要,因爲它們在客戶中具有知名度。我們投入大量資源來建立和保護我們的商標和服務標記。我們並不知曉任何關於侵犯或對我們使用任何商標權的重大挑戰的索賠。儘管如此,我們採取的行動,包括建立和保護我們的商標和服務標記,可能不足以阻止他人模仿我們的產品或試圖阻礙我們產品的銷售。其他方也可能聲稱我們的某些產品侵犯了他們的商標、版權或其他知識產權。此外,某些外國法律可能無法像美國法律那樣保護我們的專有權利。關於我們的商標、版權和其他知識產權的訴訟可能會對我們的業務、財務狀況和運營結果產生不利影響。
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法律和監管環境可能會對我們的財務控制項和運營結果產生不利影響。
我們受到衆多國內外法律法規的約束,這些法律法規影響我們的業務,包括與勞動、僱傭、工人健康與安全、稅收、關稅、競爭、隱私、數據安全、人工智能、消費保護、進出口、市場營銷、定價、反腐敗(包括《外國腐敗行爲法》)和氣候變化相關的法律法規。額外的法律和監管要求增加了監管環境的複雜性和遵從成本。如果我們未能遵守這些法律,我們可能會遭受執法行動或被處以高額罰款或處罰,這可能會損害我們的運營、經營能力和/或我們的聲譽。地方、州、聯邦和國際層面的法律法規經常變化,遵從的最終成本無法準確估計。此外,我們無法預測監管或行政環境變化可能帶來的影響。如果這些法律在我們不知情的情況下發生變化,或者被進口商、設計師、製造商、分銷商、承包商、供應商、供應商或員工違反,我們可能會經歷貨物交通或接收的延誤,或面臨罰款或其他處罰,這都可能對我們的業務、財務狀況和我們普通股的市場價格產生不利影響。此外,法律法規的變化可能使我們的業務運營成本更高,或要求我們改變業務方式。
我們還面臨法律訴訟的風險,包括集體訴訟,我們可能會受到訴訟趨勢的影響,包括涉及當前/前員工、消費者和股東的集體訴訟,這可能對我們的聲譽、普通股的市場價格以及我們的經營結果、財務狀況和/或現金流產生重大不利影響。
我們稅務義務和有效稅率的波動可能對我們產生不利影響。
我們在美國和某些外國司法管轄區需要繳納所得稅。我們根據對未來付款的估計記錄稅務費用,其中包括對多個稅收管轄區不確定稅務地位的準備金。在任何時候,多個稅務年度都可能受到各種稅務機構的審計。這些審計的結果以及與稅務機構的談判可能會影響這些問題的最終解決。此外,我們運營所在國家的稅法和法規可能會發生變化,或者現有稅法的解釋和執行可能會有變化。因此,我們預計在全年中,由於事件發生和風險評估,我們的季度稅率可能會持續變化。某一財務報表期內,我們的有效稅率可能會受到各個管轄區的收益組合和水平變化的重大影響,或者受現有會計規則或法規的變化影響。
未決或未來訴訟的不利結果可能對我們的業務、財務狀況和經營成果產生不良影響。
我們不時參與幾個法律訴訟,這些訴訟來源於我們業務的各個方面。這些訴訟的結果可能並不利好,任一或多個不利結果可能對我們的業務、財務狀況以及運營結果產生不利影響。
一般風險因素
此外,其他因素可能會對我們的財務表現產生不利影響,包括我們成功收購和整合其他業務的能力;我們關鍵的製造行業系統中任何中斷,包括在我們的配送中心超負荷運轉;任何災難或意外導致我們配送中心的服務中斷或大量門店服務中斷;與我們在採購或營銷商品的國家發生疫情的業務中斷;極端天氣條件或氣候條件或天氣模式的變化;激進投資者;以及利率期貨變動的影響。
任何之前討論的因素的影響,有些超出了我們的控制範圍,其他我們並不了解或當前不認爲重要,可能導致我們的實際結果與我們在本10-K表格和我們不時可能作出的其他前瞻性聲明中表達的期望存在實質性差異。
項目10億。未解決的員工意見。
不適用。
項目 1C. 網絡安全概念
風險管理與策略
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董事會整體負責公司的風險監督和管理,這包括對網絡安全風險的關注。爲了在管理層監督網絡安全風險,我們聘請了一位首席信息安全官("CISO"),他的團隊負責領導我們公司範圍內的網絡安全策略、政策、標準、架構、運營和流程。
董事會治理與管理
我們的首席信息安全官幫助確保我們擁有的信息的機密性、完整性和可用性,採用我們的網絡事件響應計劃(「CIRP」)。我們已組建了一支跨職能事件響應團隊,其中包括來自衆多內部團隊的代表,以及一系列擁有專業技能的第三方專家,以支持事件響應、恢復和報告的各個方面。CIRP概述了評估和應對各種網絡安全威脅的流程,評估潛在和實際事件及其影響的嚴重程度,以及有關誰應被通知和參與公司對此的反應的程序。例如,超過某一嚴重程度的網絡安全事件需要向高層領導和我們的董事會提供更新。CIRP每年都會進行審查,並經過行業領先的事件響應提供商、內部/外部核數師和其他人的審查。CIRP至少每年通過外部專家主導的桌面演練進行測試。這些主動的演練對於幫助優化我們的事件響應能力和最小化任何網絡安全事件的影響至關重要。
此外,我們還成立了網絡事件重大發現評估委員會(「C-MAC」),該委員會主要負責對網絡安全事件進行重大發現評估,並確定其是否符合披露和報告目的的重大性要求,按照適用的規則和法規進行審查。此評估和判斷與評估事件的網絡嚴重性是分開的,後者仍然在CIRP的範疇內。C-MAC由多位跨職能的管理層高級成員組成,包括我們的財務長、控制器和首席會計官、首席供應鏈和科技官、總法律顧問和首席合規官、首席信息安全官、企業通訊和投資者關係高級副總裁、內部審計副總裁以及某些關鍵外部顧問。C-MAC將在任何必要的披露中與我們的披露委員會進行協調。
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儘管網絡安全威脅帶來的風險迄今爲止並未影響我們的
項目2. 房地產。
我們在賓夕法尼亞州匹茲堡市擁有兩棟建築,作爲我們的公司總部,總面積爲336,000平方英尺。
我們在堪薩斯州的渥太華和賓夕法尼亞州的哈茲爾頓擁有配送設施,分別約爲120萬平方英尺和100萬平方英尺。
我們在紐約市租賃約600,000平方英尺的辦公空間。大約200,000平方英尺的空間將在2026年租約到期時騰空。大約400,000平方英尺的空間將用於搬遷我們的團隊,相關租約將於2045年到期。
我們在安大略省米西索加租賃一棟大約294,000平方英尺的建築,作爲我們的加拿大配送中心。租約將在2028年到期。
上述每一項確定的資產均由我們的一些可報告和運營部門共享,包括美鷹服飾、Aerie、Todd Snyder和Unsubscribed品牌。
我們在美國六個城市租賃區域型配送設施,面積總計210萬平方英尺,合同期限各不相同,至2030年到期。這些設施由我們的Quiet Platforms運營部門使用,主要作爲AEO的區域型履行中心。
關於我們的商店,所有的商店都是租賃的,通常初始租期爲五到十年。某些租約還包括提前終止期權,可以在特定條件下行使。大多數租約規定了基本租金,並要求在銷售達到特定水平時支付銷售百分比作爲額外的附加租金。在我們的商店租約下,我們通常負責租戶的佔用費用,包括維護費和公共區域費用、房地產稅以及其他一些費用。隨着租約接近到期,我們通常在續約方面取得了成功。
項目3. 法律程序。
我們不時參與與我們業務相關或附帶的行動,包括但不限於涉及消費隱私、商標和其他知識產權、許可、產品進口、稅收和員工關係的事項。截止本年度報告之日,我們相信當前待決事項的解決不會單獨或整體對我們的合併財務狀況或經營結果產生重大不利影響。然而,考慮到可能出現的,目前未知的事實或法官、陪審團或其他事實發現者的裁定與管理層對此類訴訟或索賠可能的責任或結果的評估不一致,我們對任何訴訟或其他法律索賠的評估可能會改變。根據S-K法規第103條的規定,我們決定披露公司合理認爲將導致100萬美元或以上的貨幣制裁(不包括利息和費用)的政府部門作爲一方的環保程序。根據這一門檻,2024財政年度沒有需要披露的環保事項。
26
請參閱本文件中包含的合併基本報表附註2,重要會計政策摘要,以獲取更多信息。
項目4. 礦山安全披露。
不適用。
27
部分 II
項目5. 註冊人普通股的市場、相關股東事項及發行人股票證券的購買。股票證券的購買。
市場信息及持有人
我們的普通股在紐交所交易,標的爲「AEO」。截至2025年3月17日,累計登記的股東爲438名。但是,考慮到通過我們的員工股票購買計劃持有股份的合夥人,以及以街名方式在經紀賬戶中持有股份的其他人,我們估計股東的總數大約爲110,000。
分紅派息
在2024財政年度的所有四個季度中,每股支付了0.125美元的季度現金股息,導致股息收益率爲2.4%。
2023財年的第一、第二和第三季度支付了每股0.10美元的季度現金紅利。2023財年第四季度支付了每股0.125美元的季度現金紅利,導致紅利收益率爲2.7%。
在2024財年第四季度之後,我們的董事會宣佈每股0.125美元的股息,將於2025年4月25日支付給在2025年4月11日結束營業時的股東。
公司保留推遲任何已宣告分紅派息的記錄和支付日期的權利,這取決於其他因素,包括業務表現和宏觀經濟環境。未來分紅派息的支付由我們的董事會酌情決定,基於未來的收益、現金流、財務狀況、資本需求、美國稅務變化及其他相關因素。
28
性能圖表
以下的業績圖表及相關信息不應視爲「招攬材料」,也不應向SEC提交備案,除非我們特定地將其引用並納入未來根據證券法或交易所法的備案中。
以下圖表比較了我們普通股持有者的累計總回報變化與S&P Midcap 400及我們同行群體的變化,如下所述。每項投資的累計總回報比較假設在2020年2月2日對我們的普通股和相應的指數投資了100美元,幷包括所有分紅派息的再投資。繪製的點基於所示財政年度最後一個交易日的收盤價。
|
|
2/1/2020 |
|
1/30/2021 |
|
1/29/2022 |
|
1/28/2023 |
|
2/3/2024 |
|
2/1/2025 |
|
||||||
美國鷹裝飾公司 |
|
|
100.00 |
|
|
158.71 |
|
|
160.44 |
|
|
115.07 |
|
|
156.90 |
|
|
125.01 |
|
標準普爾中型股400指數 |
|
|
100.00 |
|
|
118.46 |
|
|
132.18 |
|
|
136.53 |
|
|
146.75 |
|
|
174.39 |
|
同業比較組 |
|
|
100.00 |
|
|
114.15 |
|
|
122.01 |
|
|
119.08 |
|
|
139.67 |
|
|
153.49 |
|
我們將我們的累計總回報與一個自定義的同行群體進行了比較,該群體與我們在2024年股東年會的委託書中披露的薪酬同行群體一致。2024財年,該群體包括以下公司:愛芬奇;博柏利集團;Capri Holdings;Express, Inc.;Gap, Inc.;Guess?, Inc.;Hanesbrands Inc.;Kontoor Brands;李維斯;Lululemon Athletica;PVH CORP;拉夫勞倫;Tapestry, Inc.;Under Armour Inc.;都市服飾;以及維多利亞的祕密。
我們的同行組已於2024財政年度更新,因其在2024年1月被收購而移除了Chico's FAS, Inc.
Express, Inc. 將持續經營到2024年4月,當時該公司申請了第11章破產保護。
29
發行人購買股權證券
下表提供了截至2025年2月1日的13周內我們回購普通股的信息。
|
|
|
|
|
|
|
|
總數量 |
|
|
最大數量的 |
|
||||
|
|
總計 |
|
|
平均 |
|
|
作爲購買的股票 |
|
|
可能的分享 |
|
||||
|
|
數量 |
|
|
支付的價格 |
|
|
公開部分 |
|
|
尚可購買 |
|
||||
期間 |
|
購買的股票 |
|
|
每股 |
|
|
已宣佈的項目 |
|
|
項目下 |
|
||||
|
|
(1) |
|
|
(2) |
|
|
(1) (3) |
|
|
(3) |
|
||||
第1個月(2024年11月3日至2024年11月30日) |
|
|
1,431 |
|
|
|
18.63 |
|
|
|
— |
|
|
|
24,000,000 |
|
第2個月(2024年12月1日至2025年1月4日) |
|
|
1,505,540 |
|
|
|
17.83 |
|
|
|
1,500,000 |
|
|
|
22,500,000 |
|
第3個月(2025年1月5日至2025年2月1日) |
|
|
2,000,000 |
|
|
|
16.27 |
|
|
|
2,000,000 |
|
|
|
20,500,000 |
|
總計 |
|
|
3,506,971 |
|
|
$ |
16.94 |
|
|
|
3,500,000 |
|
|
|
20,500,000 |
|
30
項目7. 管理層討論與分析 財務控制項和運營結果。
以下管理層討論與分析("MD&A")旨在幫助讀者理解公司、我們的運營及我們當前的業務環境。MD&A作爲補充提供,並應與我們合併的基本報表及其附帶的說明一同閱讀,具體內容在本報告的第二部分,第8項 - 基本報表及補充數據中。
本MD&A主要討論2024財年和2023財年,並提供2024財年與2023財年的年度比較。關於2022財年及2023財年與2022財年之間的年度比較的討論未包含在本年度報告中,可以在2024年2月3日結束的財年的Form 10-K年度報告的第二部分第7項「管理層對財務狀況及經營成果的討論與分析」中找到。
介紹
該MD&A的組織結構如下:
• |
• |
• 關鍵會計政策和估計 |
• 近期會計公告 |
執行概覽
我們是一家領先的全球貨幣專業零售商,提供高品質、時尚潮流的品牌服飾、配飾和個護用品,以實惠的價格銷售我們的美鷹服飾®和Aerie®品牌。
我們有兩個可報告的 сегments, 美鷹服飾 和 Aerie。我們的首席運營決策者(定義爲我們的首席執行官)分析各個 сегments 的結果,並根據調整後的經營收入在 сегments 之間分配資源,調整後的經營收入是一個非公認會計原則的財務指標。有關更多信息,請參見下面的「非公認會計原則信息」和本文件中包含的基本報表附註14, сегment 報告。
關鍵績效指標
我們的管理層評估以下項目,這些項目被視爲關鍵業績因數,以評估我們的表現:
可比銷售 — 可比銷售和可比銷售變化提供了一項銷售增長的衡量標準,適用於至少營業一年以上的門店和渠道。財政年度中,緊接着53週年度的前一年期間會向後推移一週,以比較類似的日歷周。商店在運營的第13個月被納入可比銷售。然而,由於改造導致的總建築面積變化達到25%或更大的一些商店將會被排除在可比銷售基數之外,但會計入總銷售。這些商店將在改造後的第13個月被重新納入可比銷售基數。美鷹服飾、Aerie、Todd Snyder和Unsubscribed店鋪的銷售,以及AEO Direct和其他數字渠道的銷售,都包括在總可比銷售中。授權店的銷售不包括在可比銷售中。個別美鷹服飾和Aerie品牌的可比銷售披露包括店鋪銷售和AEO Direct的銷售。
全渠道銷售業績 — 我們的管理層在評估全渠道銷售業績時,利用以下銷售質量指標:可比銷售額、平均單品零售價格、交易總數、每筆交易單位數以及合併可比流量。我們在本次MD&A的討論中包括這些指標,當我們認爲這些指標有助於增強對討論事項的理解時。投資者可能會覺得這些指標很有用。以下是這些指標的定義(可比銷售額除外,其在上述單獨定義):
31
毛利潤 — 毛利潤衡量我們是否在優化銷售的盈利能力。毛利潤是總淨營業收入與銷售成本之間的差額。銷售成本包括商品成本,涵蓋設計、採購、進口和入貨運費,以及折扣、損耗和某些促銷成本、Quiet Platforms爲服務客戶的費用以及採購、租金和倉儲成本及服務。設計成本包括薪酬、租金、折舊、差旅費、辦公用品和樣品。
購買、佔用和倉儲成本及服務包括補償、員工福利費用以及我們採購人員和某些高級商品執行人員的差旅費;與我們的商店、公司總部、配送中心和其他辦公空間相關的租金和公共事業費用;從我們的配送中心到商店的運費;我們的配送中心的補償和供應,包括採購、接收和檢驗費用;以及與我們的電子商務運營相關的交通和處理費用。
無法獲得可接受的銷售水平、初始加價或顯著增加的降價使用可能會對我們的綜合毛利潤和經營結果產生不利影響。
營業收入 ——我們的管理層將營業收入視爲衡量我們表現的關鍵指標。營業收入的主要驅動因素是淨營業收入、毛利潤、我們控制銷售、一般和行政("SG&A")費用的能力,以及我們的資本支出水平。
現金流和流動性 ——我們的管理層評估來自運營、投資和融資活動的現金流,以確定我們的現金狀況和資本配置策略是否充足。歷史上,現金流一直足以覆蓋我們的現金使用。我們的管理層相信,現金流和流動性將足以滿足未來12個月及更長時間內預期的資本支出和營運資金需求。
當前趨勢及展望
宏觀經濟狀況與通貨膨脹
在2023財年和2024財年,我們的業績受到宏觀經濟挑戰和全球通貨膨脹壓力的負面影響,這影響了消費支出的行爲,限制了營業收入並增加了清理過剩庫存的利潤壓力。鑑於持續的外部不確定性,我們採取了額外措施來改善財務表現,包括更多的運營效率舉措,如下面"利潤改善計劃"所述。有關全球經濟狀況相關風險以及經濟壓力對我們業務影響的更多信息,請參閱本年報第一部分,項目1A中的「風險因素」。
全渠道和數字能力
我們通過我們的數字渠道銷售商品,包括www.ae.com、www.aerie.com和我們的AEO應用程序,國內和國際上大約90個國家。我們還在各種國際在線市場上銷售AE和Aerie品牌商品。我們在www.toddsnyder.com和www.unsubscribed.com上分別在線提供Todd Snyder和Unsubscribed品牌的產品。這些數字渠道強化了每個特定品牌,並旨在補充店內體驗。
在過去的幾年裏,我們投資於構建我們的科技和數字能力。我們將投資重點放在三個關鍵領域:在移動科技方面取得重大進展,投資於數字營銷,以及改善數字客戶體驗。
利潤改善計劃
32
我們在2023財年啓動了盈利改善計劃,重點針對我們的成本結構進行了全面審查。早期的行動聚焦於毛利率的元件,促進了2023財年的毛利率擴張。其他重要的工作流被識別、採取並納入了我們的2024財年計劃。這些舉措的結果,加上嵌入在我們"推動盈利增長"策略中的商品促銷舉措,實現了毛利率的擴張,以及銷售、一般和管理費用及折舊的槓桿效應,從而改善了2024財年的營業利潤率。
經營結果
概述
2024 財年在我們推動品牌增長和改善利潤流動性方面取得了持續進展。除非另有說明,所有比較均爲與 2023 財年相比。
下表顯示了在所示期間內,我們合併經營報表中列出的項目相對於總營業收入的百分比關係。
|
|
財政年度結束 |
|||||||||||||
|
|
2025年2月1日 |
|
|
2024年2月3日 |
||||||||||
|
|
(單位:千) |
|
(營業收入的百分比) |
(單位:千) |
|
(營業收入的百分比) |
||||||||
總營業收入 |
|
$ |
5,328,652 |
|
100.0 |
|
% |
$ |
5,261,770 |
|
|
100.0 |
|
% |
|
銷售成本,包括某些採購、佔用和倉儲費用 |
|
|
3,239,719 |
|
|
60.8 |
|
|
|
3,237,192 |
|
|
61.5 |
|
|
毛利潤(1) |
|
|
2,088,933 |
|
|
39.2 |
|
|
|
2,024,578 |
|
|
38.5 |
|
|
銷售、管理和行政費用 |
|
|
1,431,814 |
|
|
26.9 |
|
|
|
1,433,300 |
|
|
27.2 |
|
|
資產減值和重組費用(1) |
|
|
17,561 |
|
|
0.3 |
|
|
|
141,695 |
|
|
2.7 |
|
|
折舊和攤銷費用 |
|
|
212,255 |
|
|
4.0 |
|
|
|
226,866 |
|
|
4.4 |
|
|
營業收入(1) |
|
|
427,303 |
|
|
8.0 |
|
|
|
222,717 |
|
|
4.2 |
|
|
利息(收入)費用,淨額 |
|
|
(7,769 |
) |
|
(0.1 |
) |
|
|
(6,190 |
) |
|
(0.1 |
) |
|
其他收入,淨額 |
|
|
(7,162 |
) |
|
(0.1 |
) |
|
|
(10,951 |
) |
|
(0.2 |
) |
|
稅前收入 |
|
$ |
442,234 |
|
|
8.2 |
|
|
$ |
239,858 |
|
|
4.5 |
|
|
所得稅準備 |
|
|
112,854 |
|
|
2.0 |
|
|
|
69,820 |
|
|
1.3 |
|
|
凈利潤(1) |
|
$ |
329,380 |
|
|
6.2 |
|
% |
$ |
170,038 |
|
|
3.2 |
|
% |
稀釋後每股普通股凈利潤(1) |
|
$ |
1.68 |
|
|
|
|
$ |
0.86 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) 請參見下面的「非公認會計原則信息」以獲取非公認會計原則的財務指標。 |
33
2024財年的比較與2023財年
總淨收入
2024財年的總淨營業收入增加了6700萬美元,達到53.29億元,而2023財年爲52.62億元。2024財年,總可比銷售額增長了4%,而2023財年增長爲3%。數字營業收入增長了5%,這得益於由於流量增加而導致的成交量上升。門店營業收入與2023財年持平。
|
|
財政年度結束 |
|
增加/(減少) |
|||||||||||||||||||
|
|
2025年2月1日 |
2024年2月3日 |
|
|
||||||||||||||||||
|
|
(單位:千) |
|
(百分比) |
(單位:千) |
|
(百分比) |
|
(單位:千) |
|
(百分比) |
||||||||||||
美鷹服飾 |
|
$ |
3,385,231 |
|
|
63.5 |
|
% |
$ |
3,361,579 |
|
|
63.9 |
|
% |
|
$ |
23,652 |
|
|
1 |
|
% |
Aerie |
|
|
1,738,414 |
|
|
32.6 |
|
|
|
1,670,000 |
|
|
31.7 |
|
|
|
|
68,414 |
|
|
4 |
|
|
其他 |
|
|
243,907 |
|
|
4.6 |
|
|
|
489,056 |
|
|
9.3 |
|
|
|
|
(245,149 |
) |
|
(50 |
) |
|
部門間消除 |
|
|
(38,900 |
) |
|
(0.7 |
) |
|
|
(258,865 |
) |
|
(4.9 |
) |
|
|
|
219,965 |
|
|
(85 |
) |
|
總營業收入 |
|
$ |
5,328,652 |
|
|
100.0 |
|
% |
$ |
5,261,770 |
|
|
100.0 |
|
% |
|
$ |
66,882 |
|
|
1 |
|
% |
美鷹服飾。 營業收入的增長主要得益於數字流量和交易的增加,同比增幅在中個位數,部分被2024財年少了一週所抵消。美鷹服飾可比銷售額同比增長3%。
Aerie。 增長在於 淨營業收入得益於各渠道流量的增加。Aerie可比銷售同比增長5%。
其他。 與2023財年相比,淨營業收入下降主要是由於計劃中Quiet Platforms的營業收入較低,這部分收入的內部消除減少(淨減少2500萬美元),因爲我們改變了策略以提高業務盈利能力。
毛利潤
|
|
財政年度結束 |
|
增加/(減少) |
||||||||||||||
|
|
2025年2月1日 |
2024年2月3日 |
|
|
|||||||||||||
|
|
(單位:千) |
|
(單位:千) |
|
(百分比) |
||||||||||||
毛利潤 |
|
$ |
2,088,933 |
|
|
$ |
2,024,578 |
|
|
|
$ |
64,355 |
|
|
|
3 |
|
% |
毛利率 |
|
|
39.2 |
|
% |
|
38.5 |
|
% |
|
70個點子 |
|
|
|
毛利潤的增加是由於美鷹服飾和Aerie的營業收入增加,導致商品毛利增加5100萬美元,但部分被同比增加的2400萬美元的折扣所抵消。
購買、入住和倉儲成本與去年基本持平,但由於租金和配送費用的槓桿作用,作爲營業收入的百分比改善了20個點子。
此外,2023財政年的毛利潤中包括與重組我們國際業務相關的1100萬美元存貨減值費用(有關更多信息,請參見下面的「減值、重組和其他費用」標題)。
我們的毛利潤可能無法與其他零售商的毛利潤相比較,因爲一些零售商將與其分銷網絡相關的所有成本,以及設計成本,計入銷售成本,而其他零售商可能會將這些成本中的一部分從銷售成本中排除,計入例如SG&A費用這樣的單項。有關我們銷售成本的會計政策的描述,包括某些採購、佔用和倉儲費用,請參閱本報告中包含的基本報表的附註2,重要會計政策摘要。
34
銷售、一般及行政費用
|
|
財政年度結束 |
|
增加/(減少) |
|||||||||||||||
|
|
2025年2月1日 |
2024年2月3日 |
|
|
||||||||||||||
|
|
(單位:千) |
|
(單位:千) |
|
(百分比) |
|||||||||||||
銷售、管理和行政費用 |
|
$ |
1,431,814 |
|
|
$ |
1,433,300 |
|
|
|
$ |
(1,486 |
) |
|
|
0 |
|
% |
|
銷售、一般及行政費用佔淨營業收入的百分比 |
|
|
26.9 |
|
% |
|
27.2 |
|
% |
|
30個點子 |
|
|
銷售和管理費用同比減少100萬美元,以營業收入的百分比改善了30個點子。減少主要與較低的公司薪酬成本有關,包括年同比績效激勵薪酬減少2400萬美元,部分被廣告費用增加2000萬美元所抵消。
減值、重組和其他費用
|
|
財政年度結束 |
|||
|
|
二月一日, |
|||
(單位:千) |
|
2025 |
|||
企業重組費用 |
|
|
10,729 |
|
|
香港零售業務減值及重組費用 |
|
|
6,832 |
|
|
總減值、重組及其他費用 |
|
$ |
17,561 |
|
|
減值、重組及其他費用佔淨營業收入的百分比 |
|
|
0.3 |
|
% |
在2024財年,我們記錄了1070萬美元的員工離職補償,與公司重組相關,以及680萬美元的減值和重組費用,因出售我們在香港的零售業務。
|
|
財政年度結束 |
|||
|
|
2月3日, |
|||
(單位:千) |
|
2024 |
|||
記錄在營業費用中的費用: |
|
|
|
|
|
安靜平台的減值、重組及其他費用(1) |
|
$ |
119,572 |
|
|
國際減值和重組成本(2) |
|
|
10,882 |
|
|
公司減值和重組費用(3) |
|
|
11,241 |
|
|
減值、重組及其他費用 |
|
$ |
141,695 |
|
|
減值、重組和其他費用佔淨營業收入的百分比 |
|
|
2.7 |
|
% |
請參考本年度報告中合併基本報表第15條的減損、重組及其他費用,以獲取更多信息。
35
折舊和攤銷費用
|
|
財政年度結束 |
|
增加/(減少) |
|||||||||||||||
|
|
|
二月一日, |
2月3日, |
|
|
|||||||||||||
|
|
2025 |
2024 |
|
|
||||||||||||||
|
|
(單位:千) |
|
(單位:千) |
(百分比) |
||||||||||||||
美鷹服飾 |
|
$ |
74,220 |
|
|
$ |
77,195 |
|
|
|
$ |
(2,975 |
) |
|
|
(4 |
) |
% |
|
Aerie |
|
|
|
59,097 |
|
|
|
61,249 |
|
|
|
|
(2,152 |
) |
|
|
(4 |
) |
|
其他 |
|
|
|
78,938 |
|
|
|
88,422 |
|
|
|
|
(9,484 |
) |
|
|
(11 |
) |
|
總折舊和攤銷費用 |
|
$ |
212,255 |
|
|
$ |
226,866 |
|
|
|
$ |
(14,611 |
) |
|
|
(6 |
) |
% |
|
折舊和攤銷費用佔淨營業收入的百分比總額 |
|
|
4.0 |
|
% |
|
4.4 |
|
% |
|
40個點子 |
|
|
|
折舊和攤銷費用的減少主要是由於Quiet Platforms之前年度對有限壽命有形和無形資產的減值。
營業收入
|
|
財政年度結束 |
|
增加/(減少) |
|||||||||||||||||||
|
|
2025年2月1日 |
2024年2月3日 |
|
|
||||||||||||||||||
|
|
(單位:千) |
|
(營業收入的百分比) |
(單位:千) |
|
(營業收入的百分比) |
|
(單位:千) |
|
(百分比) |
||||||||||||
營業收入 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
美鷹服飾 |
|
$ |
606,507 |
|
|
11.4 |
|
% |
$ |
599,796 |
|
|
11.3 |
|
% |
|
$ |
6,711 |
|
|
1 |
|
% |
Aerie |
|
|
315,845 |
|
|
5.9 |
|
|
|
275,862 |
|
|
5.2 |
|
|
|
|
39,983 |
|
|
14 |
|
|
其他 |
|
|
(53,722 |
) |
|
(1.0 |
) |
|
|
(36,124 |
) |
|
(0.7 |
) |
|
|
|
(17,598 |
) |
|
49 |
|
|
一般企業支出 |
|
|
(423,767 |
) |
|
|
|
|
(464,172 |
) |
|
|
|
|
|
40,405 |
|
|
|
|
|||
減值、重組及其他費用 |
|
|
(17,561 |
) |
|
|
|
|
(152,645 |
) |
|
|
|
|
|
135,084 |
|
|
|
|
|||
總營業收入 |
|
$ |
427,303 |
|
|
8.0 |
|
% |
$ |
222,717 |
|
|
4.2 |
|
% |
|
$ |
204,586 |
|
|
92 |
|
% |
總營業收入的增長主要是由於毛利潤的提高,以及折舊和攤銷費用的減少,並且在2024財年減少了13500萬的減值、重組和其他費用。
美鷹服飾。 增加主要是由於上述提到的總淨營業收入增長1%的結果,導致毛利潤增加200萬美元,這一增長源於商品利潤率的提高以及採購、租賃和倉儲成本的降低。增加還受到銷售和管理費用減少200萬美元和折舊及攤銷費用減少300萬美元的推動,從而使營業收入增加700萬美元。
Aerie此增長主要是由於上述提到的總淨營業收入增加了4%,導致毛利潤增加了6000萬元,這一增長主要受到4700萬元商品利潤率增加和1400萬元採購、佔用及倉儲成本減少的推動。此增長部分被2200萬元的銷售及行政費用增加所抵消,主要是由於門店的補償,最終導致營業收入增加了40元。
其他費用增加主要是由於新興品牌的利潤下降。
一般企業費用。 費用的減少主要是由於基於業績的激勵和其他薪酬減少了2000萬美元,租金減少了900萬美元,折舊和攤銷費用減少了700萬美元。
36
利息(收入),淨額
|
|
財政年度結束 |
|
增加/(減少) |
|||||||||||||||
|
|
二月一日, |
2月3日, |
|
|
||||||||||||||
|
2025 |
2024 |
|
|
|||||||||||||||
|
|
(單位:千) |
|
(單位:千) |
(百分比) |
||||||||||||||
利息(收入),淨 |
|
$ |
(7,769 |
) |
|
$ |
(6,190 |
) |
|
|
$ |
1,579 |
|
|
|
(26 |
) |
% |
|
利息(收入)佔淨營業收入的百分比 |
|
|
(0.1 |
) |
% |
|
(0.1 |
) |
% |
|
- |
|
|
|
|
|
息收入的淨增長主要歸因於存款利息收入的增加、我們信用額度沒有借款(如下文定義),以及由於2025年票據的提前贖回(如下文定義)而消除了可轉換票據利息費用。
其他(收入),淨值
|
|
財政年度結束 |
|
增加/(減少) |
|||||||||||||||
|
|
二月一日, |
2月3日, |
|
|
||||||||||||||
|
2025 |
2024 |
|
|
|||||||||||||||
|
|
(單位:千) |
|
(單位:千) |
(百分比) |
||||||||||||||
其他(收入),淨額 |
|
$ |
(7,162 |
) |
|
$ |
(10,951 |
) |
|
|
$ |
(3,789 |
) |
|
|
(35 |
) |
% |
|
其他(收入)淨額佔淨營業收入的百分比 |
|
|
(0.1 |
) |
% |
|
(0.2 |
) |
% |
|
10個點子 |
|
|
|
其他(收入)淨減少主要是由於外匯波動引起的。
所得稅
|
|
財政年度結束 |
|
增加/(減少) |
|||||||||||||
|
二月一日, |
2月3日, |
|
|
|||||||||||||
|
2025 |
2024 |
|
|
|||||||||||||
|
|
(單位:千) |
|
(單位:千) |
|
(百分比) |
|||||||||||
所得稅準備 |
|
$ |
112,854 |
|
|
$ |
69,820 |
|
|
|
$ |
43,034 |
|
|
62 |
|
% |
所得稅準備金佔淨營業收入的百分比 |
|
|
2.0 |
|
% |
|
1.3 |
|
% |
|
-70個點子 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
有效稅率 |
|
|
25.5 |
|
% |
|
29.1 |
|
% |
|
|
|
|
|
|
2024財年的有效所得稅率爲25.5%,相比之下2023財年的有效所得稅率爲29.1%。2024財年有效所得稅率降低的主要原因是不可扣除的高管薪酬和不可扣除的商譽減值費用的變化,而部分被2017年《減稅與就業法案》("稅法")的國際條款和聯邦稅收抵免所抵消。我們的有效所得稅率還取決於不同稅率轄區內的整體收益組合。
經濟合作與發展組織("OECD")的全球反基地侵蝕第二支柱最低稅率規則,亦稱爲"第二支柱",旨在適用於2024年及以後開始的稅務年度,並通常規定最低有效稅率爲15%。儘管美國尚未制定採納第二支柱的立法,未來是否會採納也尚不確定,但我們運營的某些國家已制定了這樣的立法,而其他國家也正在制定中。我們考慮了相關司法管轄區的適用稅法,並得出結論認爲,對截至2025年2月1日的財務報告期間,我們的有效稅率或合併經營結果、財務狀況和現金流不會產生重大影響。公司將繼續評估第二支柱對未來報告期間的潛在影響。
37
請參閱本合併基本報表中的第2注,重要會計政策摘要,以及第13注,所得稅,以獲取有關我們所得稅會計處理的更多信息。
凈利潤
|
|
財政年度結束 |
|
增加/(減少) |
||||||||||||||
|
二月一日, |
2月3日, |
|
|
||||||||||||||
|
2025 |
2024 |
|
|
||||||||||||||
|
|
(單位:千) |
|
(單位:千) |
(百分比) |
|||||||||||||
凈利潤 |
|
$ |
329,380 |
|
|
$ |
170,038 |
|
|
|
$ |
159,342 |
|
|
|
94 |
|
% |
凈利潤佔營業收入的百分比 |
|
|
6.2 |
|
% |
|
3.2 |
|
% |
|
300個點子 |
|
|
|
凈利潤的變化歸因於上述因素。
2024財政年度每股攤薄凈利潤爲1.68美元,其中包括1760萬美元(每股攤薄0.06美元)的所得稅前減值、重組和其他費用。有關更多細節,請參見下面的「非GAAP信息」。
2023財年的每稀釋股凈利潤爲0.86美元,其中包括15260萬美元(每稀釋股0.66美元)的稅前減值、重組和其他費用。有關更多詳細信息,請參閱下面的「非GAAP信息」。
非GAAP信息
本經營結果部分包含毛利潤、營業收入、凈利潤和每股稀釋凈利潤,以非GAAP基礎呈現,這些是非GAAP財務指標(「非GAAP」或「調整後」)。這些財務指標不基於GAAP規定的任何標準化方法,因此與其他公司呈現的類似指標不一定具有可比性。非GAAP信息作爲對根據GAAP編制的財務表現測量的補充提供,而不是替代或優於這些測量。我們相信,這些非GAAP信息作爲投資者評估我們運營表現的額外手段是有用的,當與我們的GAAP合併基本報表一起審查時,還提供了更高的透明度。這些金額並非按照GAAP確定,因此不應僅用於評估我們的業務和運營。下表將GAAP財務指標與上述討論的非GAAP財務指標進行對比,以便了解2024財政年度。
GAAP與非GAAP的調節 |
|
|||||||||||||||||||
(以千美元爲單位,除每股金額外) |
|
|||||||||||||||||||
|
|
財政年度結束 |
|
|
|
|
||||||||||||||
|
|
2025年2月1日 |
|
|
|
|
||||||||||||||
|
|
營業收入 |
|
|
所得稅費用 |
|
|
有效稅率 |
|
|
凈利潤 |
|
|
每稀釋股收益 |
|
|||||
GAAP基礎 |
|
$ |
427,303 |
|
|
$ |
112,854 |
|
|
|
25.5 |
% |
|
$ |
329,380 |
|
|
$ |
1.68 |
|
營業收入的百分比 |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
6.2 |
% |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
加:減值、重組及其他費用 (1) |
|
$ |
17,561 |
|
|
|
|
|
|
|
|
$ |
12,983 |
|
|
$ |
0.06 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
上述的稅務影響 (2) |
|
|
|
|
$ |
4,577 |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
非公認會計原則基礎 |
|
$ |
444,864 |
|
|
$ |
117,431 |
|
|
|
25.5 |
% |
|
$ |
342,363 |
|
|
$ |
1.74 |
|
營業收入的百分比 |
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
6.4 |
% |
|
|
|
(1) 請參考本合併基本報表中的第15條註釋,關於減值、重組和其他費用的更多信息。
(2) 被排除項目的稅務影響是根據GAAP基礎和非GAAP基礎計算的稅務準備之間的差異。
38
下表將2023財年的GAAP財務指標與上述非GAAP財務指標進行了調和:
GAAP與非GAAP的調節 |
|
|||||||||||||||||||||||
(以千美元爲單位,除每股金額外) |
|
|||||||||||||||||||||||
|
|
財政年度結束 |
|
|||||||||||||||||||||
|
|
2024年2月3日 |
|
|||||||||||||||||||||
|
|
毛利潤 (1) |
|
|
營業收入 |
|
|
所得稅費用 |
|
|
有效稅率 |
|
|
凈利潤 |
|
|
每稀釋股收益 |
|
||||||
GAAP基礎 |
|
$ |
2,024,578 |
|
|
$ |
222,717 |
|
|
$ |
69,820 |
|
|
|
29.1 |
% |
|
$ |
170,038 |
|
|
$ |
0.86 |
|
營業收入的百分比 |
|
|
38.5 |
% |
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
3.2 |
% |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
增加:減值、重組及其他費用 |
|
$ |
10,950 |
|
|
$ |
152,645 |
|
|
|
|
|
|
|
|
$ |
129,875 |
|
|
$ |
0.66 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
上述的稅務影響 (3) |
|
|
|
|
|
|
|
$ |
22,770 |
|
|
(5.5)% |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
非公認會計原則基礎 |
|
$ |
2,035,528 |
|
|
$ |
375,362 |
|
|
$ |
92,590 |
|
|
|
23.6 |
% |
|
$ |
299,913 |
|
|
$ |
1.52 |
|
營業收入的百分比 |
|
|
38.7 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
|
|
5.7 |
% |
|
|
|
$1090萬的費用與退出日本市場相關,包括在2024年1月關閉所有四家門店,以及與我們的香港零售業務相關的減值。在這些費用中,$470萬與日本店鋪的ROU資產相關,$360萬與日本店鋪的物業和設備相關,$130萬與香港店鋪的ROU資產相關,以及$130萬的員工遣散費。所有減值均因現金流不足以支持資產價值而記錄。此外,我們還記錄了$1100萬的庫存減值費用,該費用與重組我們的國際業務相關,已單獨在銷售成本中記錄,並在上述註釋(1)中討論過。
1120萬美元,包括600萬美元的員工遣散費用,因公司重組而產生,以及520萬美元的投資資產減值,涉及進一步的戰略業務變更。
流動性和資本資源
我們歷史上現金的使用主要用於營運資金、新店的施工和現有店鋪的改造、信息科技和電子商務的升級與投資、配送中心的改善和擴展,以及通過回購普通股和支付分紅派息向股東回饋價值。此外,我們的現金使用還包括Aerie品牌的發展、對科技和全渠道能力的投資,以及我們的國際擴展努力。
歷史上,我們對現金的使用主要依賴於運營產生的現金流和現有的現金。我們還維持一個以資產爲基礎的循環信用額度,允許我們借款最高達70000萬美元,該額度將在2027年6月到期。2020年4月,公司發行了41500萬的可轉換優先票據,截止2025年("2025票據")。2025票據在2023財年已全部贖回。有關我們長期債務的更多信息,請參閱本合併基本報表中的附註8,長期債務,淨額。
39
我們預計將能夠通過當前的現金儲備和可用流動性來滿足未來的現金需求。
以下列出了我們的流動性的一些指標:
|
2025年2月1日 |
||||
|
|
||||
營運資本,單位爲千元 |
$ |
|
471,575 |
|
|
流動比率 |
|
|
1.53 |
|
|
下表列出了2024財年和2023財年的經營、投資和融資活動的淨現金流量:
|
|
|
財政年度結束 |
(減少)/增加 |
||||||||||||||
|
|
|
二月一日, |
2月3日, |
|
|||||||||||||
|
2025 |
2024 |
|
|||||||||||||||
|
(單位:千) |
|
||||||||||||||||
提供(使用)現金的總額: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
經營活動 |
|
$ |
476.8 |
|
|
|
$ |
580.7 |
|
|
|
$ |
(103.9 |
) |
|
|
||
投資活動 |
|
|
(217.5 |
) |
|
|
|
(287.4 |
) |
|
|
|
69.9 |
|
|
|
||
融資活動 |
|
|
(301.9 |
) |
|
|
|
(109.5 |
) |
|
|
|
(192.4 |
) |
|
|
||
外幣匯率變動對現金及現金等價物的影響 |
|
|
(2.5 |
) |
|
|
|
0.1 |
|
|
|
|
(2.6 |
) |
|
|
||
現金及現金等價物的減少或增加 |
|
$ |
(45.1 |
) |
|
|
$ |
183.9 |
|
|
|
$ |
(229.0 |
) |
|
|
經營活動產生的現金流量
在這兩個期間,我們運營現金的主要來源是商品銷售,而我們運營現金的主要流出是支付運營成本。
用於投資活動的現金流量
2024財政年度的投資活動主要包括對物業和設備的資本支出。2023財政年度的投資活動主要包括對物業和設備的資本支出以及可供出售證券的購買。有關資本支出的進一步信息,請參閱下面的「物業和設備的資本支出」標題。
用於融資活動的現金流
在2024財政年度,融資活動所用現金主要包括19090萬美元,用於根據我們公開宣佈的計劃回購普通股票,包括佣金和消費稅,以及爲2024財政年度四個季度以每季度0.125美元的利率支付的現金分紅派息9650萬美元。
在2023財年,融資活動所使用的現金主要包括在2023財年前三季度每股支付0.10美元、第四季度支付0.125美元的分紅支付,共計8380萬美元,以及包括佣金在內的用於根據我們公開宣佈的計劃回購普通股的2030萬美元。
截至2024財年和2023財年,通過分紅派息和股票回購返還給股東的現金分別爲28740萬和10410萬。
物業和設備的資本支出
在2024財年,資本支出總計爲22250萬美元。請參見下面的支出明細:
40
|
財政年度結束 |
增加/(減少) |
||||||||||||||||||
|
二月一日, |
2月3日, |
|
|||||||||||||||||
|
2025 |
2024 |
|
|||||||||||||||||
|
(單位:千) |
(單位:千) |
(百分比) |
|||||||||||||||||
店鋪、設備和視覺投資 |
|
$ |
131,938 |
|
|
|
$ |
87,625 |
|
|
|
$ |
44,313 |
|
|
|
|
51 |
|
% |
信息科技倡議 |
|
|
51,399 |
|
|
|
|
57,355 |
|
|
|
|
(5,956 |
) |
|
|
|
(10 |
) |
|
供應鏈製造行業 |
|
|
17,923 |
|
|
|
|
27,616 |
|
|
|
|
(9,693 |
) |
|
|
|
(35 |
) |
|
其他家庭辦公室項目 |
|
|
21,279 |
|
|
|
|
1,841 |
|
|
|
|
19,438 |
|
|
|
|
1056 |
|
|
資本支出 |
|
$ |
222,539 |
|
|
|
$ |
174,437 |
|
|
|
$ |
48,102 |
|
|
|
|
28 |
|
% |
在2025財政年度,我們預計資本支出將約爲30000萬元,這將用於繼續支持我們的擴展努力、門店、信息技術升級以支持增長,以及對電子商務的投資,同時支持和增強我們的供應鏈。我們預計能夠通過當前的現金持有和運營產生的現金來資助我們的資本支出。
請參閱以下關於2024財年與2023財年重新裝修的商店和新開設的商店的詳細信息:
|
財政年度結束 |
|||||||||||
|
2025年2月1日 |
2024年2月3日 |
||||||||||
|
新店鋪 |
|
翻新 |
|
新店鋪 |
|
翻新 |
|
||||
美鷹服飾(1) |
|
22 |
|
|
46 |
|
|
18 |
|
|
27 |
|
Aerie(2) |
|
22 |
|
|
5 |
|
|
17 |
|
|
3 |
|
Todd Snyder |
|
4 |
|
|
- |
|
|
6 |
|
|
- |
|
已取消訂閱 |
|
1 |
|
|
- |
|
|
1 |
|
|
- |
|
總店鋪 |
|
49 |
|
|
51 |
|
|
42 |
|
|
30 |
|
(1) 美鷹服飾包括AE獨立商店、與AE品牌店相連的Aerie並排店、作爲一個商店連接的AE、Aerie和OFFLINE地點,以及與AE品牌店相連的OFFLINE並排店。
(2) Aerie包括Aerie獨立店、線下獨立店和與Aerie品牌店相連的線下並排店。
循環信貸額度
在2022年6月,我們簽署了一份修訂和重述的信貸協議("信貸協議")。該信貸協議提供高優先級的有擔保資產基礎循環信貸,貸款和信用證金額高達70000萬美元,受制於通常的借款基數限制("信貸額度")。信貸額度將在2027年6月24日到期。
所有板塊在信用融資下的義務由某些子公司無條件擔保。信用協議下的義務以公司的某些資產和某些子公司的資產作爲擔保。
截至2025年2月1日,我們已遵守信貸協議的條款,並且有1200萬美元的備用信用證未償還。
股份回購
2024年2月1日,我們的董事會批准在新的股票回購計劃下公開回購3000萬股,計劃於2029年2月3日到期。在2024財政年度,依據此授權回購了950萬股。
在2023財年中,作爲我們公開宣佈的股票回購計劃的一部分,共回購了100萬股股份。
分紅派息
分紅派息在第二部分披露。項目5. 註冊公司的普通股市場、相關股東事務和發行人購買股權證券。
關鍵會計政策和估計
我們的合併基本報表按照GAAP編制,這要求我們做出估計和假設,這可能影響報告的合併控制項和經營成果,實際結果應當
41
這些估計和假設可能有所不同。我們基於最佳可用的信息制定我們的估計和假設,並相信它們在這些情況下是合理的。我們認爲,在我們重要的會計政策中,以下幾項涉及更高程度的判斷和複雜性。有關我們重要會計政策的完整討論,請參閱本文件中包含的合併基本報表的第2條,重要會計政策摘要。管理層已經與我們董事會的審計委員會審查了這些關鍵會計政策和估計。
收入確認。 根據會計標準編碼(「ASC」)主題606,客戶合同收入,我們在客戶購買商品時記錄店內銷售收入。公司的電子商務事件在估計客戶收到商品的日期時記錄營業收入。運費和手續費收入已包含在淨總收入中。向客戶徵收的銷售稅不包括在營業收入中,而是作爲應計收入和公司合併資產負債表上的其他稅項的一部分。
營業收入是指在估計和實際銷售退貨及優惠券兌換和其他促銷扣除後記錄的。公司每季度在營業收入總額和銷售成本中記錄銷售退貨準備金的調整影響。銷售退貨準備金反映了基於歷史平均退貨百分比確定的預計商品退貨的銷售退貨估算。
禮品卡發行時不會記錄營業收入。發行時會記錄一項流動負債,當禮品卡兌換成商品時,營業收入會被確認。
公司根據特許權或加盟協議中由被特許人/加盟人產生的商品銷售百分比確認特許權營業收入。當收入實現時,該收入作爲總淨收入的組成部分予以記錄。
與Quiet Platforms相關的營業收入在服務執行時確認。
商品庫存。 商品庫存按平均成本或可變現淨值中較低者計價,採用零售法。平均成本包括商品設計、採購成本及相關費用。公司在商品控制權轉移至公司時記錄商品收據。
我們會審查庫存,以識別滯銷商品,並通常通過降價來清理商品。此外,我們會估算未來計劃的降價儲備,這與當前庫存有關。如果庫存由於款式、季節適應、消費者偏好變化、對時尚商品的消費認可不足或競爭等原因超過客戶需求,或者如果確定現有庫存無法以當前標價出售,可能需要進行額外降價。這些降價可能對收益產生重大不利影響,具體取決於受影響庫存的程度和數量。
我們對最後一次實物盤點和資產負債表日期之間預期損失的庫存縮減準備金進行估計。縮減準備金的估算是基於歷史百分比計算的,可能會受到商品組合變化和實際縮減趨勢變化的影響。我們認爲,用於計算庫存縮減準備金的未來估計或假設不會有重大變化的可能性不大。但是,如果實際的實物庫存損失與我們的估計差異顯著,我們的合併經營業績可能會受到不利影響。
長期資產的減值。 根據ASC 360,物業、廠房和設備(「ASC 360」),我們評估與零售店相關的租賃改良、商店設備和運營租賃ROU資產的價值。我們在個別零售店級別評估長期資產的減值,這是能夠識別個別現金流的最低級別。當事件和情況表明資產可能減值,並且預計這些資產產生的未折現現金流低於賬面金額時,將在運營中使用的長期資產上記錄減值損失。當發生此類事件時,受損的資產會調整爲其估計的公平價值,並將減值損失單獨記錄爲合併運營報表中的運營收入(損失)組成部分。
我們的減值損失計算要求管理層做出假設並運用判斷來估計未來現金流和資產公允價值。我們公允價值分析中使用的一個重要假設是預測營業收入。我們認爲,用於計算長期資產減值損失的估計或假設不會發生重大變化的合理可能性不大。然而,如果實際結果與我們的估計和假設不一致,我們的合併經營結果可能會受到不利影響。
商譽和無形資產的減值。 有限壽命無形資產最初以公允價值入賬,攤銷採用直線法計算,攤銷期限爲資產的預估使用年限。公司的有限壽命無形資產主要由商標資產組成,通常在10到15年內進行攤銷。當事件或情況表明資產的賬面價值可能無法收回時,公司根據ASC 360評估有限壽命無形資產的減值。這樣的評估包括對這些資產未來不折現現金流的估計。如果預計未來現金流的總和
42
未折現現金流低於資產的賬面價值時,則資產被視爲減值,並調整至其估計公允價值。所有報告期內均未記錄任何有限壽命無形資產減值損失。
根據ASC 350, 無形資產 - 商譽和其他公司至少每年在財政年度最後一天評估商譽是否可能減值,並在發生某些觸發事件或實質性情況變化時進行評估,這表明報告單位的公允價值可能低於其賬面價值。如果報告單位的賬面價值超過公允價值,則在評估期間根據該差額記錄減值損失。
基於股份的支付。 我們根據ASC 718來計算基於股份的支付, 補償 – 股票補償 ("ASC 718"). 爲了判斷我們獎勵的公允價值,我們使用Black-Scholes期權定價模型來評估股票期權獎勵,並使用Monte-Carlo模擬來評估基於業績的限制性股票獎勵,這要求管理層應用判斷並做出假設以判斷我們獎勵的公允價值。這些假設包括估算員工在行使之前會保留其歸屬股票期權的時間長度(「預期期限」)以及我們普通股在預期期限內的價格波動率的估計。我們基於歷史經驗計算加權平均預期期限。預期股票價格波動率基於我們普通股的歷史波動率。這些假設的變化可能會實質性影響我們基於股份的支付的公允價值估計和在我們合併基本報表中確認的相關金額。
所得稅。 我們根據ASC 740計算所得稅, 所得稅 ("ASC 740"),該準則要求使用資產和負債法。在此方法下,遞延稅收資產和負債的確認基於合併基本報表中現有資產和負債的賬面價值與根據ASC 740計算的各自稅基之間的差異。當遞延稅收資產的部分或全部可能無法實現時,需要對其進行估值準備。我們收入水平和構成的變化、稅法或遞延稅收估值準備的變化,以及稅務審計的結果,可能會對有效所得稅率產生重大影響。
我們根據ASC 740評估我們的所得稅立場,該標準爲在基本報表中確認、計量、呈現和披露稅務立場提供了全面的模型,這些稅務立場是在納稅申報表上採取或預期採取的,包括是否在特定管轄區內提交申報的決定。根據ASC 740,只有在基於其技術依據更可能持續的情況下,才能確認來自不確定立場的稅收利益。
遞延所得稅資產和負債的計算,以及確認不確定立場的稅收利益和建立估值備抵的決定,都要求管理層進行估算和假設。我們相信我們的假設和估算是合理的,儘管實際結果可能對遞延所得稅資產和負債、估值備抵或凈利潤(虧損)的餘額產生積極或消極的重大影響。
近期會計公告
公司已採用或目前正在評估的最新會計準則,包括採用日期或預計採用日期(如適用),以及對公司審計合併基本報表的預期影響,詳見本合併基本報表中的附註2,「重要會計政策摘要」。
43
第7A項。定量和定性關於市場風險的定量和定性披露
我們面臨與利率和外匯匯率相關的市場風險敞口。市場風險是通過假設性利率或外匯匯率在未來一年內變化可能對收益、現金流或公允價值造成的負面影響來衡量的。
我們使用敏感性分析評估了市場風險敞口。爲了測試我們的市場風險敞口的敏感性,我們假設市場價格或利率出現10%的不利變動,估算了市場風險敏感工具的公允價值變化。敏感性分析的結果總結如下。
利率風險
我們的投資收益不受市場利率的顯著影響。這是通過考慮收益率假設性變化10%對我們的現金和投資餘額的影響來決定的,並假設我們的投資結構沒有變化。
匯率期貨風險
我們主要通過在加拿大和墨西哥的運營暴露於匯率風險的影響,這裏的功能貨幣分別是加幣和墨西哥披索。目前,所有其他外幣對我們合併財務業績的影響是微不足道的。我們不使用對沖工具來減輕外幣兌換風險。假設加幣和墨西哥披索匯率波動10%,可能導致2500萬到3000萬的外幣換算波動,這將在合併資產負債表中的累計其他綜合收益中記錄。截止2025年2月1日,包含4000萬的未實現損失計入累計其他綜合損失。這主要與美元兌墨西哥披索和美元兌加幣匯率的波動有關。
該敏感性分析存在固有的侷限性。分析忽略了多種外幣相對美元匯率在長期內不一定總是朝同一方向變動的可能性。
44
項目8. 財務報表ts和補充數據。
合併基本報表索引
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45
Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of American Eagle Outfitters, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of American Eagle Outfitters, Inc. (the Company) as of February 1, 2025 and February 3, 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended February 1, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at February 1, 2025 and February 3, 2024, and the results of its operations and its cash flows for each of the three years in the period ended February 1, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of February 1, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 20, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
|
Retail Store Long-Lived Asset Impairment |
Description of the Matter |
As more fully described in Notes 2 and 9 to the consolidated financial statements, the Company evaluates if there are indicators of impairment for long-lived assets in accordance with ASC 360, Property, Plant, and Equipment. The Company’s first step is to determine whether indicators of |
46
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impairment exist in its long-lived assets (store fixtures, leasehold improvements, and operating lease right-of-use assets) at the individual retail store level, which is the lowest level at which individual cash flows can be identified. If indicators of impairment are identified for any retail stores, the Company evaluates if the projected undiscounted cash flows to be generated by those store assets are less than their carrying amounts. When this is the case, the Company compares the estimated fair value of the respective retail store assets to its carrying value. If fair value is less than carrying value, an impairment loss is recorded for the difference. Auditing the Company’s impairment analysis includes certain assumptions, such as market rent estimates used in the determination of fair value. Market rent estimates include inherent uncertainties as they are affected by expectations by future market and economic conditions. |
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s processes over the identification of indicators of impairment, the assessment of the projected undiscounted cash flows to be generated by retail stores with indicators of impairment and the determination of the fair value. Our testing of the Company’s retail store impairment analyses included, among other procedures, inspecting the Company’s analysis of historical results to determine if contrary evidence existed as to the completeness of the population of potentially impaired retail stores. Furthermore, we assessed the assumptions applied by management in these analyses, particularly the market rent assumption mentioned earlier that was utilized to estimate fair value. For the market rent assumption, we assessed the reasonableness by comparing to market data and we conducted sensitivity analyses to determine the extent of fair value changes required for an impairment to be recognized. |
/s/
We have served as the Company’s auditor since 1993.
March 20, 2025
47
AMERICAN EAGLE OUTFITTERS, INC.
Consolidated Balance Sheets
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Fiscal Years Ending |
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February 1, |
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February 3, |
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(In thousands, except per share amounts) |
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2025 |
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2024 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Short-term investments |
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Merchandise inventory |
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Accounts receivable, net |
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Prepaid expenses |
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Other current assets |
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Total current assets |
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Operating lease right-of-use assets |
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Property and equipment, at cost, net of accumulated depreciation |
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Goodwill, net |
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Non-current deferred income taxes |
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Intangible assets, net |
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Other assets |
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Total assets |
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$ |
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$ |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Current portion of operating lease liabilities |
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Accrued compensation and payroll taxes |
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Unredeemed gift cards and gift certificates |
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Accrued income and other taxes |
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Other current liabilities and accrued expenses |
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Total current liabilities |
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Non-current liabilities: |
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Non-current operating lease liabilities |
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Other non-current liabilities |
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Total non-current liabilities |
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— |
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— |
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Stockholders’ equity: |
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Preferred stock, $ |
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Common stock, $ |
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Contributed capital |
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Accumulated other comprehensive loss |
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( |
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( |
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Retained earnings |
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Treasury stock, |
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( |
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( |
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Total stockholders' equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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Refer to Notes to Consolidated Financial Statements
48
AMERICAN EAGLE OUTFITTERS, INC.
Consolidated Statements of Operations
AMERICAN EAGLE OUTFITTERS, INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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Fiscal Years Ending |
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February 1, |
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February 3, |
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January 28, |
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(In thousands, except per share amounts) |
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2025 |
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2024 |
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2023 |
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Total net revenue |
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$ |
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$ |
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$ |
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Cost of sales, including certain buying, occupancy and warehousing |
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$ |
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Gross profit |
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Selling, general and administrative expenses |
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Impairment, restructuring and other charges |
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Depreciation and amortization expense |
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Operating income |
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$ |
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$ |
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$ |
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Debt-related charges |
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— |
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— |
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Interest (income) expense, net |
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( |
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( |
) |
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Other (income), net |
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( |
) |
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( |
) |
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( |
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Income before income taxes |
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Provision for income taxes |
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Net income |
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$ |
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$ |
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$ |
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Basic net income per common share |
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$ |
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$ |
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$ |
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Diluted net income per common share |
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$ |
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$ |
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$ |
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Weighted average common shares outstanding - basic |
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Weighted average common shares outstanding - diluted |
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Refer to Notes to Consolidated Financial Statements
49
AMERICAN EAGLE OUTFITTERS, INC.
Consolidated Statements of Comprehensive Income
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Fiscal Years Ending |
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February 1, |
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February 3, |
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January 28, |
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(In thousands) |
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2025 |
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2024 |
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2023 |
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Net income |
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Other comprehensive (loss) gain |
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Foreign currency translation (loss) gain |
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( |
) |
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Other comprehensive (loss) gain |
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( |
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Comprehensive income |
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$ |
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$ |
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$ |
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Refer to Notes to Consolidated Financial Statements
50
AMERICAN EAGLE OUTFITTERS, INC.
Consolidated Statements of Stockholders' Equity
(In thousands, except per share amounts) |
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Shares |
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Common |
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Contributed |
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Retained |
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Treasury |
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Accumulated |
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Stockholders' |
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Balance at January 29, 2022 |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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Stock awards |
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— |
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— |
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— |
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— |
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— |
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Repurchase of common stock from employees |
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( |
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— |
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— |
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— |
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( |
) |
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— |
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( |
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Reissuance of treasury stock |
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— |
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( |
) |
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( |
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— |
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, net of tax |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
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Accelerated share repurchase |
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( |
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— |
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— |
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— |
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( |
) |
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— |
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( |
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Exchange of Convertible Senior Notes |
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— |
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( |
) |
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( |
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— |
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Net income |
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— |
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— |
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— |
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— |
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— |
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Other comprehensive income |
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— |
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— |
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— |
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— |
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— |
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Cash dividends and dividend equivalents ($ |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
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Contributions from non-controlling interests |
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— |
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— |
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— |
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— |
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— |
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Balance at January 28, 2023 |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
) |
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$ |
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|||||
Stock awards |
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— |
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— |
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— |
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— |
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— |
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Repurchase of common stock as part of publicly announced programs |
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( |
) |
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— |
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— |
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— |
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|
|
( |
) |
|
|
— |
|
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( |
) |
Repurchase of common stock from employees |
|
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( |
) |
|
|
— |
|
|
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— |
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— |
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( |
) |
|
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— |
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( |
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Reissuance of treasury stock |
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|
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— |
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( |
) |
|
|
( |
) |
|
|
|
|
|
— |
|
|
|
|
|||
Redemption of Convertible Senior Notes |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
— |
|
|
|
|
|||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Cash dividends and dividend equivalents ($ |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Contributions from non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Balance at February 3, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|||||
Stock awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Repurchase of common stock as part of publicly announced programs, including excise tax |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Repurchase of common stock from employees |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Reissuance of treasury stock |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Cash dividends and dividend equivalents ($ |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Contributions from non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Balance at February 1, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
Refer to Notes to Consolidated Financial Statements
51
AMERICAN EAGLE OUTFITTERS, INC.
Consolidated Statements of Cash Flows
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating activities: |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|||
Share-based compensation |
|
|
|
|
|
|
|
|
|
|||
Deferred income taxes |
|
|
|
|
|
( |
) |
|
|
|
||
Impairment of assets |
|
|
|
|
|
|
|
|
|
|||
Exchange of convertible senior notes |
|
|
— |
|
|
|
— |
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|||
Accounts receivable |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
Merchandise inventory |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Operating lease assets |
|
|
|
|
|
|
|
|
|
|||
Operating lease liabilities |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Other assets |
|
|
( |
) |
|
|
|
|
|
|
||
Accounts payable |
|
|
|
|
|
|
|
|
|
|||
Accrued compensation and payroll taxes |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Accrued and other liabilities |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|||
Investing activities: |
|
|
|
|
|
|
|
|
|
|||
Capital expenditures for property and equipment |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Sale of available-for-sale investments |
|
|
|
|
|
— |
|
|
|
— |
|
|
Purchase of available-for-sale investments |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
Purchase of equity method investment |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
Other investing activities |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net cash (used for) investing activities |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Financing activities: |
|
|
|
|
|
|
|
|
|
|||
Accelerated share repurchase |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Principal paid in connection with exchange of convertible senior notes due 2025 |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Cash dividends paid |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Repurchase of common stock as part of publicly announced programs |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Repurchase of common stock from employees |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
Net proceeds from stock options exercised |
|
|
|
|
|
|
|
|
|
|||
Proceeds from revolving line of credit |
|
|
— |
|
|
|
|
|
|
— |
|
|
Principal payments on revolving line of credit |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
Other financing activities |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
Net cash (used for) financing activities |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Effect of exchange rates on cash |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Net change in cash and cash equivalents |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Cash and cash equivalents - beginning of period |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Cash and cash equivalents - end of period |
|
|
|
|
|
|
|
|
|
Refer to Notes to Consolidated Financial Statements
52
Index for Notes to the Consolidated Financial Statements
Note 1 |
54 |
|
Note 2 |
54 |
|
Note 3 |
62 |
|
Note 4 |
62 |
|
Note 5 |
63 |
|
Note 6 |
64 |
|
Note 7 |
64 |
|
Note 8 |
65 |
|
Note 9 |
66 |
|
Note 10 |
67 |
|
Note 11 |
67 |
|
Note 12 |
70 |
|
Note 13 |
70 |
|
Note 14 |
73 |
|
Note 15 |
75 |
|
Note 16 |
77 |
53
AMERICAN EAGLE OUTFITTERS, INC.
Notes to Consolidated Financial Statements
For the Year Ended February 1, 2025
1. Business Operations
American Eagle Outfitters, Inc. (the “Company,” “we” and “our”), a Delaware corporation, operates under the American Eagle® (“AE”) and Aerie® brands. 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
AEO Direct reinforces each particular brand platform and is designed to complement the in-store experience. We offer the ability for customers to return products seamlessly via any channel regardless of where products were originally purchased. We also offer a variety of channels to fulfill customer orders. These include “ship to home,” which can be fulfilled either through our distribution centers or our store sites (buy online, ship from stores) when purchased online or through our app; and “store pick-up,” which consists of online orders being fulfilled either in store or curbside, and we offer “store-to-door” capability where customers order within our store, and the goods are shipped directly to their home.
2. Summary of Significant Accounting Policies
Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries and consolidated entities where the Company's ownership percentage is less than
Fiscal Year
Our fiscal year is a 52- or 53-week year that ends on the Saturday nearest to January 31. As used herein, "Fiscal 2027" refers to the 52-week period that will end on January 29, 2028. "Fiscal 2025" refers to the 52 week period that will end on January 31, 2026. "Fiscal 2024" refers to the 52-week period ended February 1, 2025. “Fiscal 2023” refers to the 53-week period ended February 3, 2024. “Fiscal 2022” refers to the 52-week period ended January 28, 2023.
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. of America (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, our management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Recent Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt with Conversion and Other Options (“ASU 2020-06”), which simplifies the accounting for convertible debt instruments. The new guidance eliminates two of the three models in Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options that require separating embedded conversion features from convertible
54
instruments. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share (“EPS”) calculation. The guidance is effective for fiscal years beginning after December 15, 2021. The Company
In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires that segment expenses deemed significant to the chief operating decision maker (CODM) typically incorporated in measuring profit or loss of the segment should be disclosed. The guidance also requires that the difference between segment revenues and these significant segment expenses is disclosed. Any annually disclosed segment information is now required to be reported in interim periods as well. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Public entities are required to apply the amendment retrospectively to prior periods presented in the financial statements. The Company
Refer to Note 14, Segment Reporting, to the Consolidated Financial Statements for additional information regarding Segment Reporting.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires increased transparency in tax disclosures, specifically by expanding requirements for rate reconciliation and income taxes paid information. Additionally, the amendment requires disclosures of income/(loss) from continuing operations before taxes disaggregated between domestic and foreign, and income tax expense/(benefit), disaggregated by federal, state, and foreign. Disclosure requirements about the nature and estimated range of the reasonably possible change in unrecognized tax benefits over the next year have been removed as part of this amendment. The guidance is effective for fiscal years beginning after December 15, 2024. The Company plans to adopt ASU 2023-09 effective for Fiscal 2025.
Refer to Note 13, Income Taxes, to the Consolidated Financial Statements for additional information regarding Income Taxes.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires disclosure of additional information for specific expense categories in the notes to financial statements for interim and annual periods. Specifically, the amendment requires quantitative disclosure for purchases of inventory, employee compensation, depreciation, and intangible asset amortization within an expense caption. For any remaining amounts within an expense caption, a qualitative description must be included. In all reporting periods, a total selling expense amount must be disclosed, with an annual disclosure of the entity's definition of selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company plans to adopt ASU 2024-03 effective for Fiscal 2027.
Foreign Currency Translation
In accordance with ASC 830, Foreign Currency Matters, the Company translates assets and liabilities denominated in foreign currencies into U.S. dollars (“USD”) (the reporting currency) at the exchange rates prevailing at the balance sheet date. The Company translates revenues and expenses denominated in foreign currencies into USD at the monthly average exchange rates for the period. Gains or losses resulting from foreign currency transactions are included in the consolidated results of operations, whereas related translation adjustments are reported as an element of other comprehensive income (loss) in accordance with ASC 220, Comprehensive Income. Refer to Note 10, Accumulated Other Comprehensive Loss, to the Consolidated Financial Statements for information regarding accumulated other comprehensive income (loss).
Cash and Cash Equivalents and Short-term Investments
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments classified as available-for-sale include certificates of deposit with an original maturity greater than three months, but less than one year.
Refer to Note 3, Cash and Cash Equivalents and Short-term Investments, to the Consolidated Financial Statements for information regarding cash and cash equivalents, and short-term investments.
55
Accounts Receivable
The Company's receivables are primarily generated from product sales and royalties from our licensees. The primary indicators of the credit quality of our receivables are aging, payment history, economic sector information and outside credit monitoring, and are assessed on a quarterly basis. Our credit loss exposure is mainly concentrated in our accounts receivable portfolio. Our allowance for credit losses is calculated using a loss-rate method based on historical experience, current market conditions and reasonable forecasts. For Fiscal 2024, we did not observe a significant deterioration of our receivable portfolio that required a significant increase in our allowance for credit losses. As of February 1, 2025 and February 3, 2024, our allowance for credit losses was $
Merchandise Inventory
Merchandise inventory is valued at the lower of average cost or net realizable value, utilizing the retail method. Average cost includes merchandise design and sourcing costs and related expenses. The Company records merchandise receipts when control of the merchandise has transferred to the Company.
The Company reviews its inventory levels to identify slow-moving merchandise and generally uses markdowns to clear merchandise. Additionally, the Company estimates a markdown reserve for future planned permanent markdowns related to current inventory. Markdowns may occur when inventory exceeds customer demand for reasons of style, seasonal adaptation, changes in customer preference, lack of consumer acceptance of fashion items, or competition, or if it is determined that the inventory in stock will not sell at its currently ticketed price. Such markdowns may have a material adverse impact on earnings, depending on the extent and amount of inventory affected.
The Company also estimates a shrinkage reserve for the period between the last physical count and the balance sheet date. The estimate for the shrinkage reserve, based on historical results, can be affected by changes in merchandise mix and changes in actual shrinkage trends.
Property and Equipment
Property and equipment are recorded on the basis of cost with depreciation computed utilizing the straight-line method over the assets’ estimated useful lives.
Buildings |
|
Leasehold improvements |
|
Fixtures and equipment |
|
Information technology |
to |
As of February 1, 2025, the weighted average remaining useful life of our assets was approximately
In accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”), the Company’s management evaluates the value of leasehold improvements, store fixtures, and operating lease right-of-use ("ROU") assets associated with retail stores. The Company evaluates long-lived assets for impairment at the individual store level, which is the lowest level at which individual cash flows can be identified. Impairment losses are recorded on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the projected undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts. When events such as these occur, the impaired assets are adjusted to their estimated fair value and an impairment loss is recorded separately as a component of operating income within impairment, restructuring, and other charges in the Consolidated Statements of Operations.
Our impairment loss calculations require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values. The significant assumptions used in our fair value analysis are forecasted revenue and market rent. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions we use to calculate long-lived asset impairment losses. However, if actual results are not consistent with our estimates and assumptions, our consolidated operating results could be adversely affected.
When the Company closes, remodels, or relocates a store prior to the end of its lease term, the remaining net book value of the assets related to the store is recorded as a write-off of assets within depreciation and amortization expense.
Refer to Note 6, Property and Equipment, Net, to the Consolidated Financial Statements for additional information regarding property and equipment, and refer to Note 15, Impairment, Restructuring and Other Charges, to the Consolidated Financial Statements for additional information regarding impairment charges for Fiscal 2024, Fiscal 2023, and Fiscal 2022.
56
Goodwill and Intangible Assets
The Company’s goodwill is primarily related to the acquisitions of its regionalized fulfillment center network, as well as its importing operations and Canadian business, and represents the excess of cost over fair value of net assets of businesses acquired. In accordance with ASC 350, Intangibles – Goodwill and Other, the Company evaluates goodwill for possible impairment at least annually as of the last day of the fiscal year and upon occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value of a reporting unit may be below its carrying value. If the carrying value of the reporting unit exceeds the fair value, an impairment charge is recorded in the period of the evaluation based on that difference. The Company last performed an annual goodwill impairment test as of February 1, 2025. No indicators of impairment were present during Fiscal 2024 or Fiscal 2022. In Fiscal 2023, the Company concluded that the goodwill assigned to the Quiet Platforms reporting unit was impaired, resulting in a charge of $
Definite-lived intangible assets are initially recorded at fair value, with amortization computed utilizing the straight-line method over the assets’ estimated useful lives. The Company’s definite-lived intangible assets, which consist primarily of trademark assets, are generally amortized over
The Company evaluates definite-lived intangible assets for impairment in accordance with ASC 360 when events or circumstances indicate that the carrying value of the asset may not be recoverable. Such an evaluation includes the estimation of undiscounted future cash flows to be generated by those assets. If the sum of the estimated future undiscounted cash flows is less than the carrying amounts of the assets, then the assets are impaired and are adjusted to their estimated fair value.
Equity Method Investments
During Fiscal 2024, the Company entered into a Limited Partnership Agreement of ACON Apparel Investors, L.P. (the "Fund"), with ACON Apparel GenPar, LLC. ("ACON") as the general partner. The Company paid $
Construction Allowances
As part of certain lease agreements for retail stores, the Company receives construction allowances from lessors, which are generally composed of cash amounts. The Company records a receivable and an adjustment to the operating lease ROU asset at the lease commencement date (date of initial possession of the store). The deferred lease credit is amortized as part of the single lease cost over the term of the original lease (including the pre-opening build-out period). The receivable is reduced as amounts are received from the lessor.
Self-Insurance Liability
The Company uses a combination of insurance and self-insurance mechanisms for certain losses related to employee medical benefits and worker’s compensation. Costs for self-insurance claims filed and claims incurred but not reported are accrued based on known claims and historical experience. Management believes that it has adequately reserved for its self-insurance liability, which is capped by stop-loss contracts with insurance companies. However, any significant variation of future claims from historical trends could cause actual results to differ from the accrued liability.
Leases
The Company leases all store premises, its Canadian distribution center in Mississauga, Ontario, its regional distribution facilities, some of its office space and certain information technology and office equipment. These leases are generally classified as operating leases.
57
Store leases generally provide for a combination of base rentals and contingent rent based on store sales. Additionally, most leases include lessor incentives such as construction allowances and rent holidays. The Company is typically responsible for tenant occupancy costs including maintenance costs, common area charges, real estate taxes and certain other expenses. When measuring operating lease ROU assets and operating lease liabilities, the Company only includes cash flows related to options to extend or terminate leases once those options are executed.
Some leases have variable payments. However, because they are not based on an index or rate, they are not included in the measurement of operating lease ROU assets and operating lease liabilities.
When determining the present value of future payments for an operating lease that does not have a readily determinable implicit rate, the Company uses its incremental borrowing rate as of the date of initial possession of the leased asset.
For leases that qualify for the short-term lease exemption, the Company does not record an operating lease liability or operating lease ROU asset. Short-term lease payments are recognized on a straight-line basis over the lease term of 12 months or less.
Refer to Note 9, Leases, to the Consolidated Financial Statements for additional information.
Co-Branded and Private Label Credit Cards
The Company offers a co-branded credit card and a private-label credit card under the AE and Aerie brands. These credit cards are issued by a third-party bank (the “Bank”) in accordance with a credit card agreement (the “Agreement”). The Company has no liability to the Bank for bad debt expense, provided that purchases are made in accordance with the Bank’s procedures. We receive funding from the Bank based on the Agreement and card activity, which includes payments for new account activations and usage of the credit cards. We recognize revenue for this funding as we fulfill our performance obligations under the Agreement. This revenue is recorded in other revenue, which is a component of total net revenue in our Consolidated Statements of Operations.
Customer Loyalty Program
The Company offers a highly digitized loyalty program called Real Rewards by American Eagle and Aerie™ (the “Program”).
Points earned under the Program on purchases at AE and Aerie are accounted for in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The portion of the sales revenue attributed to the reward points is deferred and recognized when the reward is redeemed or when the points expire, using the relative stand-alone selling price method. Additionally, reward points earned using the co-branded credit card on non-AE or Aerie purchases are accounted for in accordance with ASC 606. As the points are earned, a current liability is recorded for the estimated cost of the reward, and the impact of adjustments is recorded in revenue.
The Company defers a portion of the sales revenue attributed to the loyalty points and recognizes revenue when the points are redeemed or expire, consistent with the requirements of ASC 606.
Sales Return Reserve
Revenue is recorded net of estimated and actual sales returns and deductions for coupon redemptions and other promotions. The Company records the impact of adjustments to its sales return reserve quarterly within total net revenue and cost of sales.
|
|
Fiscal Years Ending |
|
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
|||
Returns |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
Provisions |
|
|
|
|
|
|
|
|
|
|
|||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
58
The presentation on a gross basis consists of a separate right of return asset and liability. These amounts are recorded within (i) prepaid expenses and other and (ii) other current liabilities and accrued expenses, respectively, on the Consolidated Balance Sheets.
Long-Term Debt
In April 2020, the Company issued $
In June 2022, the Company entered into an amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement provides senior secured asset-based revolving credit for loans and letters of credit up to $
Refer to Note 8, Long-Term Debt, Net, to the Consolidated Financial Statements for additional information regarding Long-Term Debt.
Income Taxes
The Company calculates income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires the use of the liability method. Under this method, deferred tax assets and liabilities are recognized based on the difference between the Consolidated Financial Statements carrying amounts of existing assets and liabilities and their respective tax bases as computed pursuant to ASC 740. Deferred tax assets and liabilities are measured using the tax rates, based on certain judgments regarding enacted tax laws and published guidance in effect in the years when those temporary differences are expected to reverse. A valuation allowance is established against the deferred tax assets when it is more likely than not that some portion or all of the deferred taxes may not be realized. Changes in the Company’s level and composition of earnings, tax laws or the deferred tax valuation allowance, as well as the results of tax audits may materially impact the Company’s effective income tax rate.
The Company evaluates its income tax positions in accordance with ASC 740, which prescribes a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return, including a decision whether to file or not to file in a particular jurisdiction. Under ASC 740, a tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable based on its technical merits.
The calculation of deferred tax assets and liabilities, as well as the decision to recognize a tax benefit from an uncertain position and to establish a valuation allowance requires management to make estimates and assumptions. The Company believes that its estimates and assumptions are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income.
Refer to Note 13, Income Taxes, to the Consolidated Financial Statements for additional information.
59
Accelerated Share Repurchase Agreement
On June 3, 2022, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with JPMorgan Chase Bank (“JPM”). Pursuant to the terms of the ASR Agreement, on June 3, 2022, the Company paid $
Revenue Recognition
The Company recognizes revenue pursuant to ASC 606. Revenue is recorded for store sales upon the purchase of merchandise by customers. The Company’s e-commerce operation records revenue upon the customer receipt date of the merchandise. Shipping and handling revenues are included in total net revenue. Sales tax collected from customers is excluded from revenue and is included as part of accrued income and other taxes on the Company’s Consolidated Balance Sheets.
The Company recognizes royalty revenue generated from its license or franchise agreements based on a percentage of merchandise sales by the licensee/franchisee. This revenue is recorded as a component of total net revenue when earned and collection is probable.
The Company defers a portion of the sales revenue attributed to loyalty points and recognizes revenue when the points are redeemed or expire, consistent with the requirements of ASC 606. Refer to “Customer Loyalty Program” above for additional information.
Revenue associated with Quiet Platforms is recognized as the services are performed.
Cost of Sales, Including Certain Buying, Occupancy, and Warehousing Expenses
Cost of sales consists of merchandise costs, including design costs, sourcing, importing and inbound freight costs, as well as markdowns, shrinkage and certain promotional costs (collectively, “merchandise costs”); Quiet Platforms' costs to service its customers; and buying, occupancy and warehousing costs and services.
Design costs are related to the Company's design center operations and include compensation, travel and entertainment, supplies and samples for our design teams, as well as rent and depreciation for our design center. These costs are included in cost of sales as the respective inventory is sold.
Buying, occupancy and warehousing costs and services consist of compensation, employee benefit expenses and travel and entertainment for our buyers and certain senior merchandising executives; rent and utilities related to our stores, corporate headquarters, distribution centers and other office space; freight from our distribution centers to the stores; compensation and supplies for our distribution centers, including purchasing, receiving and inspection costs; and shipping and handling costs related to our e-commerce operation. Gross profit is the difference between total net revenue and cost of sales.
Selling, General, and Administrative Expenses
Selling, general and administrative expenses consist of compensation and employee benefit expenses, including salaries, incentives and related benefits associated with our stores and corporate headquarters. Selling, general and administrative expenses also include advertising costs, supplies for our stores and home office, communication costs, travel and entertainment, leasing costs and services purchased.
Selling, general and administrative expenses do not include compensation, employee benefit expenses and travel for our design, sourcing and importing teams, our buyers and our distribution centers as these amounts are recorded in cost of sales. Additionally, selling, general and administrative expenses do not include rent and utilities, operating costs of our distribution centers, and shipping and handling costs related to our e-commerce operations, all of which are included in cost of sales.
60
Advertising Costs
Certain advertising costs, including direct mail, in-store photographs, and other promotional costs are expensed when the marketing campaign commences. As of February 1, 2025, the Company had prepaid advertising costs of $
Store Pre-Opening Costs
Store pre-opening costs consist primarily of rent, advertising, supplies, and payroll expenses. These costs are expensed as incurred.
Debt-Related Charges
There were
Interest (Income) Expense, Net
Interest (income) expense, net primarily consists of interest income from cash and cash equivalents and short-term investments.
Other Income, Net
Other income, net consists primarily of foreign currency fluctuations and changes in other non-operating items. Non-controlling interest was not material for any period presented and is included within other income, net.
Legal Proceedings and Claims
The Company is subject to certain legal proceedings and claims arising out of the conduct of its business. In accordance with ASC 450, Contingencies (“ASC 450”), the Company records a reserve for estimated losses when the loss is probable and the amount can be reasonably estimated. If a range of possible loss exists and no anticipated loss within the range is more likely than any other anticipated loss, the Company records the accrual at the low end of the range, in accordance with ASC 450. As the Company believes that it has provided adequate reserves, it anticipates that the ultimate outcome of any matter currently pending against the Company will not materially affect the consolidated financial position, results of operations or cash flows of the Company. However, our assessment of any litigation or other legal claims could potentially change in light of the discovery of facts not presently known or determinations by judges, juries, or other finders of fact that are not in accord with management’s evaluation of the possible liability or outcome of such litigation or claims.
Supplemental Disclosures of Cash Flow Information
The table below shows supplemental cash flow information for cash amounts paid (received) during the respective periods:
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Cash paid (received) during the periods for: |
|
|
|
|
|
|
|
|
|
|||
Income taxes |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
||
Interest |
|
$ |
|
|
$ |
|
|
$ |
|
Segment Information
The Company has identified two operating segments (American Eagle and Aerie brand) that also represent our reportable segments and reflect our CODM's (defined as our CEO) internal view of analyzing results and allocating resources. Additionally, our Todd Snyder and Unsubscribed brands and Quiet Platforms have been identified as separate operating segments; however, as they do not meet the quantitative thresholds for separate disclosures they have been included in the Corporate and Other category. For additional information regarding the Company’s segment and geographic information, refer to Note 14, Segment Reporting, to the Consolidated Financial Statements.
61
3. Cash and Cash Equivalents and Short-term Investments
The following table summarizes the fair market value of our cash, cash equivalents, and short-term investments, which are recorded on the Consolidated Balance Sheets:
|
|
Fiscal Years Ending |
|
|||||
|
|
February 1, |
|
|
February 3, |
|
||
(In thousands) |
|
2025 |
|
|
2024 |
|
||
Cash and cash equivalents: |
|
|
|
|
|
|
||
Cash |
|
$ |
|
|
$ |
|
||
Interest-bearing deposits |
|
$ |
|
|
$ |
|
||
Total cash and cash equivalents |
|
$ |
|
|
$ |
|
||
Short-term investments: |
|
|
|
|
|
|
||
Certificates of deposits |
|
$ |
|
|
$ |
|
||
Total short-term investments |
|
$ |
|
|
$ |
|
||
Total cash and short-term investments |
|
$ |
|
|
$ |
|
4. Fair Value Measurements
ASC 820, Fair Value Measurement Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. Fair value is defined under ASC 820 as the exit price associated with the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date.
Financial Instruments
Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. In addition, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
The Company’s cash equivalents and short-term investments are Level 1 financial assets and are measured at fair value on a recurring basis, for all periods presented. Refer to Note 3, Cash and Cash Equivalents and Short-term Investments, to the Consolidated Financial Statements for additional information regarding cash equivalents and short-term investments.
The Company had
|
Fair Value Measurements at February 1, 2025 |
|
|||||||||||||
(In thousands) |
Carrying Amount |
|
|
Quoted Market |
|
|
Significant Other |
|
|
Significant |
|
||||
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
||||
Cash |
$ |
|
|
$ |
|
|
|
— |
|
|
|
— |
|
||
Interest-bearing deposits |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||
Total cash and cash equivalents |
$ |
|
|
$ |
|
|
|
— |
|
|
|
— |
|
||
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
||||
Certificates of deposits |
$ |
|
|
$ |
|
|
|
— |
|
|
|
— |
|
||
Total short-term investments |
$ |
|
|
$ |
|
|
|
— |
|
|
|
— |
|
||
Total cash and short-term investments |
$ |
|
|
$ |
|
|
|
— |
|
|
|
— |
|
62
Long-Term Debt
As of February 1, 2025, the Company had
The Company's 2025 Notes were fully redeemed during Fiscal 2023. The fair value of the Company's 2025 Notes was not required to be measured at fair value on a recurring basis. Upon issuance, the fair value of the 2025 Notes was measured using two approaches that consider market-related conditions, including market benchmark rates and a secondary market quoted price, and is therefore within Level 2 of the fair value hierarchy.
Refer to Note 8, Long-Term Debt, Net, to the Consolidated Financial Statements for additional information regarding long-term debt and other credit arrangements.
Non-Financial Assets
The Company’s non-financial assets, which include intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur and the Company is required to evaluate the non-financial asset for impairment, a resulting impairment would require that the non-financial asset be recorded at the estimated fair value. Certain long-lived assets were measured at fair value on a nonrecurring basis using Level 3 inputs as defined in ASC 820. During Fiscal 2024, the Company recorded asset impairment charges of $
The fair value of the Company’s store assets in Fiscal 2024 and Fiscal 2023 was determined by estimating the amount and timing of net future cash flows and discounting them using a risk-adjusted rate of interest. The Company estimates future cash flows based on its experience and knowledge of the market in which the store is located.
The fair value of the Company's ROU assets was based upon market rent assumptions.
5. Earnings per Share
The following is a reconciliation between basic and diluted weighted average shares outstanding:
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Net income and numerator for basic EPS |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Add: Interest expense, net of tax, related to the 2025 Notes (1) |
|
|
— |
|
|
|
|
|
|
|
||
Numerator for diluted EPS |
|
$ |
|
|
$ |
|
|
$ |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Denominator: |
|
|
|
|
|
|
|
|
|
|||
Denominator for basic EPS - weighted average shares |
|
|
|
|
|
|
|
|
|
|||
Add: Dilutive effect of the 2025 Notes (1) |
|
|
— |
|
|
|
|
|
|
|
||
Add: Dilutive effect of stock options and non-vested restricted stock |
|
|
|
|
|
|
|
|
|
|||
Denominator for diluted EPS - adjusted weighted average shares |
|
|
|
|
|
|
|
|
|
|||
Anti-dilutive shares (2) |
|
|
|
|
|
|
|
|
|
Refer to Note 8, Long-Term Debt, Net, and Note 11, Share-Based Payments, to the Consolidated Financial Statements for additional information regarding the 2025 Notes and share-based compensation, respectively.
63
6. Property and Equipment, Net
Property and equipment, net consists of the following:
|
|
Fiscal Years Ending |
|
|||||
|
|
February 1, |
|
|
February 3, |
|
||
(In thousands) |
|
2025 |
|
|
2024 |
|
||
Land |
|
$ |
|
|
$ |
|
||
Buildings |
|
|
|
|
|
|
||
Leasehold improvements |
|
|
|
|
|
|
||
Fixtures and equipment |
|
|
|
|
|
|
||
Construction in progress |
|
|
|
|
|
|
||
Property and equipment, at cost |
|
$ |
|
|
$ |
|
||
Less: Accumulated depreciation |
|
|
( |
) |
|
|
( |
) |
Property and equipment, net |
|
$ |
|
|
$ |
|
Depreciation expense is as follows:
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Depreciation expense |
|
$ |
|
|
$ |
|
|
$ |
|
Additionally, during Fiscal 2024, Fiscal 2023 and Fiscal 2022, the Company recorded $
7. Goodwill and Intangible Assets, Net
Goodwill and definite-lived intangible assets, net consist of the following:
|
|
Fiscal Years Ending |
|
|||||||||||||||||||||||||||||
|
|
February 1, 2025 |
|
|
February 3, 2024 |
|
||||||||||||||||||||||||||
(In thousands) |
|
American Eagle |
|
|
Aerie |
|
|
Corporate and Other (3) |
|
|
Total |
|
|
American Eagle |
|
|
Aerie |
|
|
Corporate and Other (3) |
|
|
Total |
|
||||||||
Goodwill, beginning balance(1) |
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
Impairment(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Foreign currency fluctuation |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
||
Goodwill, ending balance |
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
- |
|
|
$ |
|
|
|
Fiscal Years Ending |
|
|||||
(In thousands) |
|
February 1, 2025 |
|
|
February 3, 2024 |
|
||
Intangible assets, net, beginning balance |
|
$ |
|
|
$ |
|
||
Additions |
|
|
|
|
|
|
||
Impairment(1) |
|
|
— |
|
|
|
( |
) |
Amortization |
|
|
( |
) |
|
|
( |
) |
Intangible assets, net (2) |
|
$ |
|
|
$ |
|
64
Amortization expense is as follows:
|
|
Fiscal Years Ending |
|
|||||||||
(In thousands) |
|
February 1, 2025 |
|
|
February 3, 2024 |
|
|
January 28, 2023 |
|
|||
Amortization expense |
|
$ |
|
|
$ |
|
|
$ |
|
The table below summarizes the estimated future amortization expense for intangible assets existing as of February 1, 2025 for the next five fiscal years:
|
|
Future |
|
|
|
(In thousands) |
|
Amortization |
|
|
|
2025 |
|
$ |
|
|
|
2026 |
|
$ |
|
|
|
2027 |
|
$ |
|
|
|
2028 |
|
$ |
|
|
|
2029 |
|
$ |
|
|
8. Long-Term Debt, Net
The Company had
2025 Notes
In April 2020, the Company issued $
The Company did not have the right to redeem the 2025 Notes prior to
Note Exchanges
During Fiscal 2022, the Company entered into separate privately negotiated exchange agreements with certain holders of the 2025 Notes, to exchange $
Following the Note Exchanges, the aggregate principal amount of the 2025 Notes was fully redeemed in Fiscal 2023.
Interest expense for the 2025 Notes was $
Revolving Credit Facility
In June 2022, the Company amended and restated its Credit Agreement. The Credit Agreement provides senior secured asset-based revolving credit for loans and letters of credit up to $
All obligations under the Credit Facility are unconditionally guaranteed by certain subsidiaries. The obligations under the Credit Agreement are secured by certain assets of the Company and certain subsidiaries.
65
As of February 1, 2025, there were
9. Leases
The Company leases all store premises, regional distribution facilities, some of its office space and certain information technology and office equipment. These leases are generally classified as operating leases.
Store leases generally provide for a combination of base rentals and contingent rent based on store sales. Additionally, most leases include lessor incentives such as construction allowances and rent holidays. The Company is typically responsible for tenant occupancy costs including maintenance costs, common area charges, real estate taxes, and certain other expenses.
Most leases include one or more options to renew. The exercise of lease renewal options is at the Company’s discretion and is not reasonably certain at lease commencement. When measuring operating lease ROU assets and operating lease liabilities after the date of adoption of ASC 842, Leases, the Company only includes cash flows related to options to extend or terminate leases when those options are executed.
Some leases have variable payments. However, because they are not based on an index or rate, they are not included in the measurement of operating lease ROU assets and operating lease liabilities.
When determining the present value of future payments for an operating lease that does not have a readily determinable implicit rate, the Company uses its incremental borrowing rate as of the date of initial possession of the leased asset.
For leases that qualify for the short-term lease exemption, the Company does not record an operating lease liability or operating lease ROU asset. Short-term lease payments are recognized on a straight-line basis over the lease term of 12 months or less.
The following table summarizes expense categories and cash payments for operating leases during the period. It also includes the total non-cash transaction activity for new operating lease ROU assets and related operating lease liabilities entered into during the period.
|
|
Fiscal Years Ending |
|
||||
|
|
February 1, |
|
February 3, |
|
||
(In thousands) |
|
2025 |
|
2024 |
|
||
Lease costs |
|
|
|
|
|
||
Operating lease costs |
|
$ |
|
$ |
|
||
Variable lease costs |
|
|
|
|
|
||
Short-term leases and other lease costs |
|
|
|
|
|
||
Total lease costs |
|
$ |
|
$ |
|
||
|
|
|
|
|
|
||
Other information |
|
|
|
|
|
||
Cash paid for operating lease liability |
|
$ |
( |
) |
$ |
( |
) |
New operating lease ROU assets entered into during the period |
|
$ |
|
$ |
|
The following table contains the average remaining lease term and discount rate, weighted by outstanding operating lease liability as of the end of the period:
Lease term and discount rate |
|
February 1, 2025 |
Weighted-average remaining lease term - operating leases |
|
|
Weighted-average discount rate - operating leases |
|
66
The table below is a maturity analysis of the operating leases in effect as of the end of the period. Undiscounted cash flows for finance leases and short-term leases are not material for the periods reported and are excluded from the table below:
|
|
Undiscounted |
|
|
(In thousands) |
|
February 1, 2025 |
|
|
Fiscal years: |
|
|
|
|
2025 |
|
|
|
|
2026 |
|
|
|
|
2027 |
|
|
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
Thereafter |
|
|
|
|
Total undiscounted cash flows |
|
$ |
|
|
Less: discount on lease liability |
|
|
( |
) |
Total lease liability |
|
$ |
|
10. Accumulated Other Comprehensive Loss
The accumulated balances of other comprehensive loss included as part of the Consolidated Statements of Stockholders’ Equity follow:
|
Accumulated |
|
|
|
Other |
|
|
|
Comprehensive |
|
|
(In thousands) |
Loss |
|
|
Balance at January 29, 2022 |
$ |
( |
) |
Foreign currency translation gain (1) |
|
|
|
Loss on long-term intra-entity foreign currency transactions |
|
( |
) |
Balance at January 28, 2023 |
$ |
( |
) |
Foreign currency translation gain (1) |
$ |
|
|
Loss on long-term intra-entity foreign currency transactions |
$ |
( |
) |
Balance at February 3, 2024 |
$ |
( |
) |
Foreign currency translation (loss) (1) |
$ |
( |
) |
Gain on long-term intra-entity foreign currency transactions |
$ |
|
|
Balance at February 1, 2025 |
$ |
( |
) |
11. Share-Based Payments
The Company accounts for share-based compensation under the provisions of ASC 718, Compensation – Stock Compensation (“ASC 718”), which requires the Company to measure and recognize compensation expense for all share-based payments at fair value. Total share-based compensation expense included in the Consolidated Statements of Operations for Fiscal 2024, Fiscal 2023, and Fiscal 2022 was $
There was $
There was $
ASC 718 requires recognition of compensation cost under a non-substantive vesting period approach for awards containing provisions that accelerate or continue vesting upon retirement. Accordingly, for awards with such provisions, the Company
67
recognizes compensation expense over the period from the grant date to the date that retirement eligibility is achieved, if that is expected to occur during the nominal vesting period. Additionally, for awards granted to retirement-eligible employees, the full compensation cost of an award must be recognized immediately upon grant.
At February 1, 2025, the Company had awards outstanding under
Share-based compensation plans
2023 Stock Award and Incentive Plan (“2023 Plan”)
The 2023 Plan was approved by the Company's stockholders on June 7, 2023. The 2023 Plan authorized
2020 Stock Award and Incentive Plan (“2020 Plan” and, together with the 2023 Plan, the “Plans”)
The 2020 Plan was approved by the stockholders on April 13, 2020. The 2020 Plan authorized
Stock Option Grants
The Company has granted time-based stock options under the Plans. Time-based stock option awards vest over the requisite service period of the award or to an employee’s eligible retirement date, if earlier.
A summary of the Company’s stock option activity for Fiscal 2024 follows:
|
|
Fiscal Year Ending February 1, 2025 |
|
|||||||||||||
|
|
|
|
|
Weighted- |
|
|
Weighted- |
|
|
Aggregate |
|
||||
|
|
Options |
|
|
Exercise Price |
|
|
Term |
|
|
Value |
|
||||
|
|
(In thousands) |
|
|
|
|
|
(In years) |
|
|
(In thousands) |
|
||||
Outstanding - February 3, 2024 |
|
|
|
|
$ |
|
|
|
|
|
|
|
||||
Granted |
|
|
|
|
$ |
|
|
|
|
|
|
|
||||
Exercised (1) |
|
|
( |
) |
|
$ |
|
|
|
|
|
|
|
|||
Cancelled |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
||
Outstanding - February 1, 2025 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
Vested and expected to vest - February 1, 2025 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
Exercisable - February 1, 2025 (2) |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
68
The weighted-average grant date fair value of stock options granted during Fiscal 2024 and Fiscal 2023 was $
As of February 1, 2025, there was $
The fair value of stock options was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions:
|
|
Fiscal Years Ending |
||
|
|
February 1, |
|
February 3, |
Black-Scholes Option Valuation Assumptions |
|
2025 |
|
2024 |
Risk-free interest rate (1) |
|
|
||
Dividend yield |
|
|
||
Volatility factor (2) |
|
|
||
Weighted-average expected term (3) |
|
|
Restricted Stock Grants
Time-based restricted stock awards are composed of time-based restricted stock units. These awards vest over to
Performance-based restricted stock awards include performance-based restricted stock units. These awards cliff vest at the end of a
The grant date fair value of time-based restricted stock awards is based on the closing market price of the Company’s common stock on the date of grant. A Monte Carlo simulation was utilized for performance-based restricted stock awards.
A summary of the activity of the Company’s restricted stock is presented in the following tables:
|
|
Time-Based Restricted Stock Units |
|
|
Performance- |
|
||||||||||
|
|
Fiscal Year Ending |
|
|
Fiscal Year Ending |
|
||||||||||
|
|
February 1, 2025 |
|
|
February 1, 2025 |
|
||||||||||
(Shares in thousands) |
|
Shares |
|
|
Weighted-Average |
|
|
Shares |
|
|
Weighted-Average |
|
||||
Non-vested - February 3, 2024 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
Granted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Vested |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
Cancelled |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
Non-vested - February 1, 2025 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
As of February 1, 2025, there was $
69
years. There was $
As of February 1, 2025, the Company had
During Fiscal 2024 and Fiscal 2023, the Company repurchased approximately
The aforementioned share repurchases have been recorded as treasury stock.
12. Retirement Plan and Employee Stock Purchase Plan
The Company maintains a profit sharing and 401(k) plan (the “Retirement Plan”). Under the provisions of the Retirement Plan, full-time employees and part-time employees are automatically enrolled to contribute
The Employee Stock Purchase Plan is a non-qualified plan that covers all full-time and part-time employees in the U.S. and Canada who are at least
13. Income Taxes
On December 22, 2017, the U.S. government enacted comprehensive tax legislation in the form of the Tax Cuts and Jobs Act of 2017 (the "Tax Act”). The Tax Act significantly changed U.S. international tax laws for tax years beginning after December 31, 2017 and included a provision designed to currently tax global intangible low-taxed income (“GILTI”) earned by non-U.S. corporate subsidiaries of large U.S. shareholders. The Company has elected to treat GILTI as a period expense, and the effect of the GILTI inclusion for Fiscal 2024 is not material.
The components of income (loss) before income taxes are:
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
U.S. |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Foreign |
|
|
( |
) |
|
|
|
|
|
|
||
Total |
|
$ |
|
|
$ |
|
|
$ |
|
70
The significant components of the Company’s deferred tax assets and liabilities are as follows:
|
|
Fiscal Years Ending |
|
|||||
|
|
February 1, |
|
|
February 3, |
|
||
(In thousands) |
|
2025 |
|
|
2024 |
|
||
Deferred tax assets: |
|
|
|
|
|
|
||
Operating lease ROU assets |
|
$ |
|
|
$ |
|
||
Capitalized research and development expenses |
|
|
|
|
|
|
||
Employee compensation and benefits |
|
|
|
|
|
|
||
Net Operating Loss |
|
|
|
|
|
|
||
Accruals not currently deductible |
|
|
|
|
|
|
||
Deferred compensation |
|
|
|
|
|
|
||
Other long-term assets |
|
|
|
|
|
|
||
State tax credits |
|
|
|
|
|
|
||
Gift card liability |
|
|
|
|
|
|
||
Inventories |
|
|
|
|
|
|
||
Impairment of investments |
|
|
|
|
|
|
||
Allowance for Doubtful Accounts |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Foreign tax credits |
|
|
|
|
|
|
||
General Business Credits |
|
|
|
|
|
|
||
Gross deferred tax assets |
|
$ |
|
|
$ |
|
||
Valuation allowance |
|
|
( |
) |
|
|
( |
) |
Total deferred tax assets |
|
$ |
|
|
$ |
|
||
Deferred tax liabilities: |
|
|
|
|
|
|
||
Operating lease liabilities |
|
$ |
( |
) |
|
$ |
( |
) |
Property and equipment |
|
|
( |
) |
|
|
( |
) |
Prepaid expenses |
|
|
( |
) |
|
|
( |
) |
Goodwill |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
( |
) |
|
|
( |
) |
Total deferred tax liabilities |
|
$ |
( |
) |
|
$ |
( |
) |
Total deferred tax assets, net |
|
$ |
|
|
$ |
|
The change in net deferred tax assets was primarily due to a decrease in the net deferred tax asset of Operating lease ROU assets, Operating lease liabilities and, net operating loss partially offset by a decrease in valuation allowance.
As of February 1, 2025, the Company had deferred tax assets related to federal, state and foreign net operating loss carryovers of $
The Company had foreign tax credit carryovers in the amount of $
71
The Company had state income tax credit carryforwards of $
The Company had U.S. federal and state impairments of investments of $
Significant components of the provision (benefit) for income taxes are as follows:
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Current: |
|
|
|
|
|
|
|
|
|
|||
Federal |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
||
Foreign taxes |
|
|
|
|
|
|
|
|
|
|||
State |
|
|
|
|
|
|
|
|
|
|||
Total current |
|
|
|
|
|
|
|
|
|
|||
Deferred: |
|
|
|
|
|
|
|
|
|
|||
Federal |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Foreign taxes |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
State |
|
|
|
|
|
( |
) |
|
|
|
||
Total deferred |
|
|
|
|
|
( |
) |
|
|
|
||
Provision for income taxes |
|
$ |
|
|
$ |
|
|
$ |
|
As of February 1, 2025, the undistributed earnings of the Company’s foreign subsidiaries were approximately $
The following table summarizes the activity related to our unrecognized tax benefits:
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Unrecognized tax benefits, beginning of the year |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Increases in current period tax positions |
|
|
|
|
|
|
|
|
|
|||
Increases in tax positions of prior periods |
|
|
|
|
|
|
|
|
— |
|
||
Settlements |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Lapse of statute of limitations |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Decreases in tax positions of prior periods |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Unrecognized tax benefits, end of the year balance |
|
$ |
|
|
$ |
|
|
$ |
|
As of February 1, 2025, the gross amount of unrecognized tax benefits was $
72
Unrecognized tax benefits increased by $
The Company records accrued interest and penalties related to unrecognized tax benefits in income tax expense. Accrued interest and penalties related to unrecognized tax benefits included in the Consolidated Balance Sheets were $
The Company and its subsidiaries file income tax returns in the U.S. and various state and foreign jurisdictions. The IRS has completed examinations through February 1, 2020. With respect to state and local jurisdictions and countries outside of the U.S., with limited exceptions, generally, the Company and its subsidiaries are no longer subject to income tax audits for tax years before Fiscal 2018 (ended February 2, 2019). Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest, and penalties have been provided for any adjustments that are expected to result from these years.
A reconciliation between the statutory federal income tax rate and the effective income tax rate follows:
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Federal income tax rate |
|
|
% |
|
|
% |
|
|
% |
|||
State income taxes, net of federal income tax effect |
|
|
|
|
|
|
|
|
|
|||
Foreign rate differential |
|
|
|
|
|
|
|
|
|
|||
International provisions of Tax Act |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
Valuation allowance changes, net |
|
|
|
|
|
|
|
|
|
|||
Non-deductible executive compensation |
|
|
|
|
|
|
|
|
|
|||
Change in unrecognized tax benefits |
|
|
|
|
|
|
|
|
( |
) |
||
Share Based Payments |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Note Exchanges |
|
|
|
|
|
|
|
|
|
|||
Non-deductible goodwill |
|
|
|
|
|
|
|
|
|
|||
Federal Credits |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
|
|
|
( |
) |
|
|
|
||
|
|
|
% |
|
|
% |
|
|
% |
The Company recorded income tax expense of $
14. Segment Reporting
In accordance with ASC 280, Segment Reporting (“ASC 280”), the Company has identified
Unallocated 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.
Our CEO analyzes segment results and allocates resources between segments based on the adjusted operating income (loss), or the operating income (loss) in periods where there are no adjustments, of each segment. Adjusted operating income (loss) is a non-GAAP financial measure ("non-GAAP" or "adjusted") that is defined by the Company as operating income excluding impairment, restructuring and other charges. Adjusted operating income (loss) is not based on any standardized methodology prescribed by GAAP and is 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. We believe that this non-GAAP information is useful as an additional means for investors to evaluate our operating performance, when reviewed in conjunction with our GAAP consolidated financial statements and provides a higher degree of transparency.
73
Reportable segment information is presented in the following table:
For the year ended February 1, 2025 (In thousands) |
|
American Eagle |
|
|
Aerie |
|
|
Other |
|
|
Intersegment Elimination |
|
|
Total |
|
|||||
Net Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
Cost of sales, including certain buying, occupancy and warehousing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total segment operating income |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
- |
|
|
$ |
|
|||
Unallocated corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||
Impairment, restructuring and other charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
( |
) |
||||
Total operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest (income), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||
Other (income), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
For the year ended February 3, 2024 (In thousands) |
|
American Eagle |
|
|
Aerie |
|
|
Other |
|
|
Intersegment Elimination |
|
|
Total |
|
|||||
Net Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
Cost of sales, including certain buying, occupancy and warehousing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total segment operating income |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
- |
|
|
$ |
|
|||
Unallocated corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||
Impairment, restructuring and other charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
( |
) |
||||
Total operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest (income), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||
Other (income), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
For the year ended January 28, 2023 (In thousands) |
|
American Eagle |
|
|
Aerie |
|
|
Other |
|
|
Intersegment Elimination |
|
|
Total |
|
|||||
Net Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
Cost of sales, including certain buying, occupancy and warehousing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total segment operating income |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
- |
|
|
$ |
|
|||
Unallocated corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||
Impairment, restructuring and other charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
( |
) |
||||
Total operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Debt related charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other (income), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
||||
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
(1)
74
|
Fiscal Years Ending |
|
|||||||||
|
February 1, 2025 |
|
|
February 3, 2024 |
|
|
January 28, 2023 |
|
|||
|
|
|
|
|
|
|
|
|
|||
Capital Expenditures |
|
|
|
|
|
|
|
|
|||
American Eagle |
$ |
|
|
$ |
|
|
$ |
|
|||
Aerie |
$ |
|
|
$ |
|
|
$ |
|
|||
Other |
$ |
|
|
$ |
|
|
$ |
|
|||
General corporate expenditures |
$ |
|
|
$ |
|
|
$ |
|
|||
Total Capital Expenditures |
$ |
|
|
$ |
|
|
$ |
|
We do not allocate assets to the reportable segment level and therefore our CODM does not use segment asset information to make decisions.
Total net revenue for the American Eagle and Aerie reportable segments above represents revenue attributable to each brand's merchandise, which comprises approximately 96% of total net revenue.
The following tables present summarized geographical information:
|
|
Fiscal Years Ending |
|
|||||||||
|
|
February 1, |
|
|
February 3, |
|
|
January 28, |
|
|||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Total net revenue: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Foreign (1) |
|
|
|
|
|
|
|
|
|
|||
Total net revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
Fiscal Years Ending |
|
|||||
|
|
February 1, |
|
|
February 3, |
|
||
(In thousands) |
|
2025 |
|
|
2024 |
|
||
Long-lived assets, net: |
|
|
|
|
|
|
||
United States |
|
$ |
|
|
$ |
|
||
Foreign |
|
|
|
|
|
|
||
Total long-lived assets, net |
|
$ |
|
|
$ |
|
15. Impairment, Restructuring and Other Charges
The following table represents impairment, restructuring and other charges. All amounts were recorded within impairment, restructuring and other charges on the Consolidated Statements of Operations, unless otherwise noted.
|
|
For the year ended |
|
|
|
|
February 1, |
|
|
(In thousands) |
|
2025 |
|
|
Corporate restructuring costs (1) |
|
|
|
|
Hong Kong retail operations impairment and restructuring costs (2) |
|
|
|
|
Total impairment, restructuring and other charges |
|
$ |
|
The following footnotes relate to the impairment and restructuring charges in the third quarter of Fiscal 2024:
75
|
|
Fiscal Years Ending |
|
|||||
|
|
February 3, |
|
|
January 28, |
|
||
(In thousands) |
|
2024 |
|
|
2023 |
|
||
Charges recorded in cost of sales: |
|
|
|
|
|
|
||
Inventory charges (1) |
|
$ |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||
Charges recorded in operating expenses: |
|
|
|
|
|
|
||
Quiet Platforms impairment, restructuring and other charges (2) |
|
|
|
|
$ |
|
||
International impairment and restructuring costs (3) |
|
|
|
|
|
|
||
Corporate impairment and restructuring charges (4) |
|
|
|
|
|
- |
|
|
U.S. and Canada store impairment charges(5) |
|
|
- |
|
|
|
|
|
Total impairment, restructuring and other charges |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Total Company impairment, restructuring and other charges |
|
$ |
|
|
$ |
|
The following footnotes relate to the impairment, restructuring and other charges in Fiscal 2023 and Fiscal 2022:
For Fiscal 2022, impairment of $
For Fiscal 2022, $
A rollforward of the restructuring liabilities recognized in the Consolidated Balance Sheet is as follows:
76
|
|
|
|
For the year ended |
|
|
|
|
|
|
February 1, |
|
|
(In thousands) |
|
|
|
2025 |
|
|
Accrued liability as of February 3, 2024 |
|
|
|
$ |
|
|
Add: Costs incurred, excluding non-cash charges |
|
|
|
|
|
|
Less: Cash payments and adjustments |
|
|
|
|
( |
) |
Accrued liability as of February 1, 2025 |
|
|
|
$ |
|
16. Subsequent Events
On March 11, 2025, the Company’s Board of Directors authorized
On March 14, 2025, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Bank of America, N.A. (“Bank of America”) to repurchase an aggregate of $
Pursuant to the terms of the ASR Agreement, on March 17, 2025, the Company made an aggregate payment of $
The foregoing description of the ASR Agreement does not purport to be complete and is qualified in its entirety by reference to the ASR Agreement, which is filed as Exhibit 10.32 to this Annual Report and is incorporated herein by reference.
The Company expects to fund the cash portion of the consideration payable under the ASR agreement using available cash on hand and borrowings under the Company’s existing $
77
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the management of American Eagle Outfitters, Inc. (the “Management”), including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, Management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
As of the end of the period covered by this Annual Report, the Company performed an evaluation under the supervision and with the participation of Management, including our principal executive officer and principal financial officer, of the design and effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered by this Annual Report, our disclosure controls and procedures were effective in the timely and accurate recording, processing, summarizing, and reporting of material financial and non-financial information within the periods specified within the SEC’s rules and forms. Our principal executive officer and principal financial officer also concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our Management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.
Management’s Annual Report on Internal Control over Financial Reporting
Our Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) or Rule 15(d)-15(f) under the Exchange Act). Our internal control over financial reporting is designed to provide a reasonable assurance to our Management and our Board that the reported financial information is presented fairly, that disclosures are adequate, and that the judgments inherent in the preparation of financial statements are reasonable.
All internal control systems, no matter how well designed, have inherent limitations, including the possibility of human error and the overriding of controls. Therefore, even those systems determined to be effective can provide only reasonable, not absolute, assurance with respect to financial statement preparation and presentation.
Our Management assessed the effectiveness of our internal control over financial reporting as of February 1, 2025. In making this assessment, our Management used the framework and criteria set forth in Internal Control – Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, our Management concluded that the Company’s internal control over financial reporting was effective as of February 1, 2025.
Our independent registered public accounting firm, Ernst & Young LLP, was retained to audit the Company’s consolidated financial statements included in this Annual Report and the effectiveness of the Company’s internal control over financial reporting. Ernst & Young LLP has issued an attestation report on our internal control over financial reporting as of February 1, 2025, which is included herein.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) of the Exchange Act) during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
78
Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of American Eagle Outfitters, Inc.
Opinion on Internal Control Over Financial Reporting
We have audited American Eagle Outfitters, Inc.’s internal control over financial reporting as of February 1, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, American Eagle Outfitters, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of February 1, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of February 1, 2025 and February 3, 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended February 1, 2025, and the related notes and our report dated March 20, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
79
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Pittsburgh, Pennsylvania
March 20, 2025
80
Item 9B. Other Information.
During the fiscal quarter ended February 1, 2025, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act)
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not Applicable.
81
PART III
Item 10. Directors, Executive Officers and Corporate Governance.
The information required by Item 401 of Regulation S-K regarding directors is contained under the caption “Proposal One: Election of Directors” in our Proxy Statement relating to our 2025 Annual Meeting of Stockholders (“Proxy Statement”), to be filed pursuant to Regulation 14A within 120 days after February 1, 2025 and is incorporated herein by reference. The information required by Item 401 of Regulation S-K regarding executive officers is set forth in Part I, Item 1 of this Annual Report under the caption “Information about our Executive Officers.”
The information required by Item 405 of Regulation S-K is contained under the caption “Delinquent Section 16(a) Reports” of the Proxy Statement and is incorporated herein by reference.
The Company’s Code of Ethics is publicly available on the Investor Relations page of the Company’s Internet website at investors.ae.com under the section “ESG - Governance Overview.” The remaining information required by Item 406 of Regulation S-K is contained under the caption “Corporate Governance” of the Proxy Statement and is incorporated herein by reference.
The applicable information required by Items 407(c)(3), (d)(4) and (d)(5) of Regulation S-K is included under the caption “Corporate Governance: Board Committees” of the Proxy Statement and is incorporated herein by reference.
The Company has
Item 11. Executive Compensation.
The information required by Item 402 of Regulation S-K is contained under the captions “Compensation Discussion and Analysis,” “Compensation Tables and Related Information,” “Corporate Governance: Director Compensation,” and “Corporate Governance: Board Oversight of Risk Management” of the Proxy Statement and is incorporated herein by reference.
The applicable information required by Items 407(e)(4) and (e)(5) of Regulation S-K is contained under the caption “Compensation Committee Report” of the Proxy Statement, which information (which shall not be deemed to be “filed”) is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The information required by Item 201(d) of Regulation S-K relating to securities authorized for issuance under equity compensation plans is contained under the caption “Compensation Tables and Related Information: Equity Compensation Plan Table” in the Proxy Statement.
The information required by Item 403 of Regulation S-K is contained under the caption “Ownership of Our Shares” of the Proxy Statement and is incorporated herein by reference.
The information required by Item 404 of Regulation S-K regarding related party transactions is contained under the caption “Corporate Governance: Related Party Transactions” of our Proxy Statement and is incorporated herein by reference.
The information required by Item 407(a) of Regulation S-K regarding director independence is contained under the captions “Proposal One: Election of Directors” and “Corporate Governance” of the Proxy Statement and is incorporated herein by reference.
82
Item 14. Principal Accounting Fees and Services.
The information required by Item 9(e) of Schedule 14A is contained under the caption “Independent Registered Public Accounting Firm Fees and Services” of the Proxy Statement and is incorporated herein by reference.
83
PART IV
Item 15. Exhibits and Financial Statement Schedules
(a) (1) The following consolidated financial statements are included in Part II Item 8, Financial Statements and Supplementary Data:
Consolidated Balance Sheets as of February 1, 2025 and February 3, 2024 |
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|
Consolidated Statements of Operations for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 |
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|
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Consolidated Statements of Comprehensive Income for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 |
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Consolidated Statements of Stockholders’ Equity for the fiscal years ended February 1, 2025, February 3, 2024 and January 28, 2023 |
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|
|
Consolidated Statements of Cash Flows for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 |
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|
|
Notes to Consolidated Financial Statements |
|
(a) (2) Financial statement schedules have been omitted because either they are not required or are not applicable or because the information required to be set forth therein is not material.
(a) (3) Exhibits
Exhibit Number |
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Description |
2.1-
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3.1 |
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3.2 |
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4.1 |
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4.2 |
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4.3 |
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4.4 |
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4.5 |
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|
|
|
|
84
10.1+ |
|
Amended and Restated Credit Agreement, dated January 30, 2019, among American Eagle Outfitters, Inc. and certain of its subsidiaries as borrowers, each lender from time to time party thereto, and PNC Bank, National Association as administrative agent for the lenders and certain other parties and agents (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on February 5, 2019 (SEC Filed No. 001-33338)) |
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10.2+ |
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10.3^ |
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10.4^ |
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10.5^ |
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10.6^ |
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10.7^ |
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10.8^ |
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10.9^ |
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10.10^ |
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10.12^ |
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10.13^ |
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10.14^ |
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10.15^ |
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10.16^ |
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10.17^ |
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10.18^
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10.19^ |
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85
10.20^ |
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10.21^ |
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10.22 |
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10.23 |
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10.24 |
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10.25^ |
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American Eagle Outfitters, Inc. 2023 Stock Award and Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company’s Registration Statement on Form S-8 filed on June 30, 2023 (SEC File No. 333-273076)) |
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10.26^ |
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10.27^ |
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10.28^ |
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10.29^* |
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10.30^* |
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10.31^* |
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10.32 |
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19* |
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21* |
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23* |
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24* |
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31.1* |
|
Certification by Jay L. Schottenstein pursuant to Rule 13a-14(a) or Rule 15d-14(a) |
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31.2* |
|
Certification by Michael A. Mathias pursuant to Rule 13a-14(a) or Rule 15d-14(a) |
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32.1** |
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32.2** |
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86
97.1^ |
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101* |
|
The following materials from the Company’s Annual Report on Form 10-K for the year ended February 1, 2025, formatted as Inline eXtensible Business Reporting Language (“XBRL”): (i) Consolidated Balance Sheets as of February 1, 2025 and February 3, 2024, (ii) Consolidated Statements of Operations for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 (iii) Consolidated Statements of Comprehensive Income for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 (iv) Consolidated Statements of Stockholders’ Equity for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023, and (v) Consolidated Statements of Cash Flows for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023, (vi) Item 1C. Cybersecurity, and (vii) Item 9B. Other Information. |
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104* |
|
The cover page from the Company’s Annual Report on Form 10-K for the year ended February 1, 2025, formatted in Inline XBRL and contained in Exhibit 101 |
87
- Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the SEC a copy of any omitted schedule or exhibit upon request by the SEC.
+ Portions of this exhibit have been omitted pursuant to a confidential treatment order from the SEC.
^ Management contract or compensatory plan or arrangement.
* Filed herewith.
** Furnished herewith.
(b) Exhibits
The exhibits to this report have been filed herewith.
(c) Financial Statement Schedules
None.
Item 16. Form 10-K Summary
None
88
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
AMERICAN EAGLE OUTFITTERS, INC. |
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By: |
/s/ Jay L. Schottenstein |
|
|
Jay L. Schottenstein |
|
|
Chief Executive Officer |
Dated March 20, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities indicated on March 20, 2025.
Signature |
|
Title |
||
|
|
|
||
/s/ Jay L. Schottenstein |
|
Chief Executive Officer, Chairman of the Board of Directors and Director (Principal Executive Officer) |
||
Jay L. Schottenstein |
|
|||
|
|
|
||
/s/ Michael A. Mathias |
|
Executive Vice President, Chief Financial Officer (Principal Financial Officer) |
||
Michael A. Mathias |
|
|||
|
|
|
||
/s/ James H. Keefer |
|
Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) |
||
James H. Keefer |
|
|||
|
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||
|
* |
|
Director |
|
Sujatha Chandrasekaran |
|
|
||
|
|
|
||
|
* |
|
Director |
|
Deborah A. Henretta |
|
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||
|
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||
|
* |
|
Director |
|
Cary D. McMillan |
|
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||
|
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|
||
|
* |
|
Director |
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Janice E. Page |
|
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||
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||
|
* |
|
Director |
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Stephanie L. Pugliese |
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||
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* |
|
Director |
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David M. Sable |
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||
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* |
|
Director |
|
Noel J. Spiegel |
|
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*By: |
/s/ Michael A. Mathias |
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|
Michael A. Mathias, |
|
|
Attorney-in-Fact |
89