American Eagle Outfitters 2010 Annual Report Download

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
¥ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended January 29, 2011
OR
nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-33338
American Eagle Outfitters, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
No. 13-2721761
(I.R.S. Employer
Identification No.)
77 Hot Metal Street, Pittsburgh, PA
(Address of principal executive offices)
15203-2329
(Zip Code)
Registrant’s telephone number, including area code:
(412) 432-3300
Securities registered pursuant to Section 12(b) of the Act:
Common Shares, $0.01 par value
(Title of class)
New York Stock Exchange
(Name of each exchange on which registered)
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. YES ¥NO n
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Sections 15(d) of the
Act. YES nNO ¥
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such a shorter period that the registrant was
required to file such reports), and (2) has been subject to the filing requirements for at the past
90 days. YES ¥NO n
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if
any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of
this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post
such files). YES ¥NO n
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this
chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. n
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,
or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting
company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¥Accelerated filer nNon-accelerated filer nSmaller reporting company n
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act). YES nNO ¥
The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant as of
July 31, 2010 was $2,196,680,330.
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest
practicable date: 194,690,703 Common Shares were outstanding at March 7, 2011.
DOCUMENTS INCORPORATED BY REFERENCE
Part III Proxy Statement for 2011 Annual Meeting of Stockholders, in part, as indicated.

Table of contents

  • Page 1
    ... Street, Pittsburgh, PA (Address of principal executive offices) 15203-2329 (Zip Code) Registrant's telephone number, including area code: (412) 432-3300 Securities registered pursuant to Section 12(b) of the Act: Common Shares, $0.01 par value New York Stock Exchange (Title of class) (Name of...

  • Page 2
    ... ...Item 9A. Controls and Procedures ...Item 9B. Other Information ...Item 10. Item 11. Item 12. Item 13. Item 14. Item 15. PART III Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related...

  • Page 3
    ... American Eagle Outfitters» brand targets 15 to 25-year old men and women, achieving the perfect combination of American prep and current fashion. Denim is the cornerstone of the American Eagle» product assortment, which is complemented by other key categories including sweaters, graphic t-shirts...

  • Page 4
    ... payment from our ae.com», aerie.com and 77kids.com customers. We are continuing to focus on the growth of AEO Direct through various initiatives, including improved site efficiency and faster check-out, expansion of sizes and styles, on-line specialty shops and targeted marketing strategies. Real...

  • Page 5
    ...smaller markets. Stores selected as part of this program maintain their current location and size but are updated to include certain aspects of our current store format, including paint and new fixtures. In Fiscal 2011, we plan to open approximately 14 AE, 10 aerie and 12 77kids stores. We also plan...

  • Page 6
    ... a selling square foot basis. As of January 29, 2011, we operated 1,086 stores in the United States and Canada under the American Eagle Outfitters, aerie and 77kids brands as shown below: United States, including the Commonwealth of Puerto Rico - 994 stores Alabama Alaska Arizona Arkansas California...

  • Page 7
    ... must pass an initial inspection in order to do business with us. Once new factories are approved, we then strive to reinspect them at least once a year. We review the outcome of these inspections with factory management with the goal of helping them to continuously improve their performance...

  • Page 8
    ... card and any remaining value can be used for future purchases. Our gift cards do not expire and we do not charge a service fee on inactive gift cards. We offer our retail customers a hassle-free return policy. We believe that our competitors offer similar credit card and customer service policies...

  • Page 9
    ...number and timing of new store openings, the acceptability of seasonal merchandise offerings, the timing and level of markdowns, store closings and remodels, competitive factors, weather and general economic conditions. Available Information Our Annual Reports on Form 10-K, Quarterly Reports on Form...

  • Page 10
    ... growth and success will depend in part on our ability to open and operate new stores and expand and remodel existing stores on a timely and profitable basis. During Fiscal 2011, we plan to open 14 new American Eagle stores in the U.S. and Canada, 10 aerie stand-alone stores and 12 77kids stores...

  • Page 11
    ... that we will be able to achieve our store expansion goals, manage our growth effectively, successfully integrate the planned new stores into our operations or operate our new and remodeled stores profitably. Our ability to achieve planned store financial performance The results achieved by our...

  • Page 12
    ...any reason, one or more key executive officers ceased to be active in our management. Failure to comply with regulatory requirements As a public company, we are subject to numerous regulatory requirements. Our policies, procedures and internal controls are designed to comply with all applicable laws...

  • Page 13
    ...houses our Canadian distribution center. The lease expires in 2017. We lease our flagship store in the Times Square area of New York, New York. The 25,000 square foot location has an initial term of 15 years with three options to renew for five years each. This flagship store opened in November 2009...

  • Page 14
    ... 2010 and Fiscal 2009, we paid quarterly dividends as shown in the table above. Cash dividends per common share for the quarter ended January 29, 2011 consisted of a regular quarterly dividend of $0.11 per common share and a special cash dividend of $0.50 per common share. The payment of future...

  • Page 15
    ... plotted points are based on the closing price on the last trading day of the fiscal year indicated. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN Among American Eagle Outfitters, Inc., The S&P Midcap 400 Index And A Peer Group 350 American Eagle Outfitters, Inc. 300 250 S&P Midcap 400 Dynamic Retail...

  • Page 16
    ... Price Paid Per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Programs (1)(3) Maximum Number of Shares that May Yet be Purchased Under the Program (3) Period Month #1 (October 31, 2010 through November 27, 2010) ...Month #2 (November 28, 2010 through January 1, 2011...

  • Page 17
    ... 31, February 2, February 3, 2011 2010 2009 2008 2007 (In thousands, except per share amounts, ratios and other financial information) Summary of Operations(2) Net sales ...Comparable store sales (decrease) increase(3) ...Gross profit ...Gross profit as a percentage of net sales ...Operating income...

  • Page 18
    ... information regarding gift cards. (5) Per share results for all periods presented reflect the three-for-two stock split distributed on December 18, 2006. (6) Net sales per average square foot is calculated using retail store sales for the year divided by the straight average of the beginning...

  • Page 19
    • the success of 77kids by american eagle and 77kids.com; • the expected payment of a dividend in future periods; • the possibility of engaging in future franchise agreements, growth through acquisitions, and/or internally developing additional new brands; • the possibility that our credit ...

  • Page 20
    ...income within selling, general and administrative expense. Our impairment loss calculations require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting useful lives of the assets and selecting the discount rate that reflects...

  • Page 21
    ...compensation, employee benefit expenses and travel 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...

  • Page 22
    ... capital expenditures and working capital requirements. Results of Operations Overview In Fiscal 2010, we took action to strategically manage our business in what continued to be a challenging retail environment. During the second quarter, we commenced our corporate profit initiative, aimed at...

  • Page 23
    ... in one reportable segment, which includes our 929 U.S. and Canadian AE retail stores, 148 aerie by American Eagle retail stores, nine 77kids by american eagle retail stores and AEO Direct, as of January 29, 2011. Comparison of Fiscal 2010 to Fiscal 2009 Net Sales Total sales increased 1% to...

  • Page 24
    ... decrease was due to a combination of reduced incentive compensation expense recorded in the year, as well as the net savings resulting from our corporate profit initiative. Share-based payment expense included in selling, general and administrative expense decreased to approximately $17.1 million...

  • Page 25
    ...basis point increase in rent as a percent to net sales, driven by new store openings. Sharebased payment expense included in gross profit increased to approximately $11.6 million in Fiscal 2009 compared to $5.7 million in Fiscal 2008. Our gross profit may not be comparable to that of other retailers...

  • Page 26
    ... 23.4% in Fiscal 2008. The higher rate in Fiscal 2009 is primarily due to an increase in incentive compensation of 100 basis points partially offset by improvement in advertising and travel expenses. Share-based payment expense included in selling, general and administrative expenses increased to...

  • Page 27
    ... primarily in the second half of the year. Our strategies to mitigate rising product costs include a targeted reduction in markdowns, selective price increases and on-going expense savings. We believe that our current cash holdings and cash generated from operations in Fiscal 2011 will be sufficient...

  • Page 28
    ... relating to their liquidity. Liquidity and Capital Resources Our uses of cash are generally for working capital, the construction of new stores and remodeling of existing stores, information technology upgrades, distribution center improvements and expansion, the purchase of both short and...

  • Page 29
    ... our future cash requirements through current cash holdings as well as cash generated from operations. In the future, we expect that our uses of cash will also include further development of aerie by American Eagle and 77kids by american eagle. Our growth strategy includes internally developing new...

  • Page 30
    ... 34 new AE, aerie and 77kids stores in the United States and Canada, 18 remodeled stores, and fixtures and visual investments. Additionally, we continued to support our infrastructure growth by investing in home office projects including the construction of our corporate headquarters in Pittsburgh...

  • Page 31
    ... a quarterly cash dividend of $0.11 per share, payable on April 8, 2011, to stockholders of record at the close of business on March 28, 2011. The payment of future dividends is at the discretion of our Board and is based on future earnings, cash flow, financial condition, capital requirements...

  • Page 32
    ... manufacture of our merchandise, could have a significant impact on our business and the industry in the future. Additionally, while deflation could positively impact our merchandise costs, it could have an adverse effect on our average unit retail price, resulting in lower sales and profitability...

  • Page 33
    ...Financial Statements Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets ...Consolidated Statements of Operations ...Consolidated Statements of Comprehensive Income ...Consolidated Statements of Stockholders' Equity ...Consolidated Statements of Cash Flows ...Notes...

  • Page 34
    Report of Independent Registered Public Accounting Firm The Board of Directors and Stockholders of American Eagle Outfitters, Inc. We have audited the accompanying consolidated balance sheets of American Eagle Outfitters, Inc. (the Company) as of January 29, 2011 and January 30, 2010, and the ...

  • Page 35
    AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED BALANCE SHEETS January 29, January 30, 2011 2010 (In thousands, except per share amounts) ASSETS Current assets: Cash and cash equivalents ...Short-term investments ...Merchandise inventory ...Accounts receivable ...Prepaid expenses and other ...Deferred...

  • Page 36
    AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended January 29, January 30, January 31, 2011 2010 2009 (In thousands, except per share amounts) Net sales ...$2,967,559 Cost of sales, including certain buying, occupancy and warehousing expenses ...1,796,600 ...

  • Page 37
    AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended January 29, January 30, January 31, 2011 2010 2009 (In thousands) Net income ...Other comprehensive income (loss): Temporary (impairment) recovery related to investment securities, net of tax ......

  • Page 38
    ... Cash dividends and dividend equivalents ($0.40 per share) ... $1,694,161 $(786,800) - - (15,228) 169,022 - (83,906) - (247) 27,792 - - - ... Balance at January 30, 2010 ...Stock awards ...Repurchase of common stock as part of publicly announced programs ...Repurchase of common stock from employees...

  • Page 39
    ... note payable ...Repurchase of common stock as part of publicly announced Repurchase of common stock from employees ...Net proceeds from stock options exercised ...Excess tax benefit from share-based payments ...Cash used to net settle equity awards ...Cash dividends paid ...Effect of exchange rates...

  • Page 40
    ... 2010. Founded in 1977, American Eagle Outfitters is a leading apparel and accessories retailer that operates more than 1,000 retail stores in the U.S. and Canada, and online at ae.com». Through its family of brands, the Company offers high quality, on-trend clothing, accessories and personal care...

  • Page 41
    AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires the Company's management to make estimates and ...

  • Page 42
    ... the interim and annual periods as well as requires the Company to present total OTTI in the Consolidated Statements of Operations, with an offsetting reduction for any non-credit loss impairment amount recognized in other comprehensive income ("OCI"). During Fiscal 2010, the Company recorded a net...

  • Page 43
    ...with ASC 360, Property, Plant, and Equipment, the Company's management evaluates the value of leasehold improvements and store fixtures associated with retail stores, which have been open for a period of time sufficient to reach maturity. The Company evaluates long-lived assets for impairment at the...

  • Page 44
    ... point threshold was reached. The AE gift card does not expire. On January 1, 2010, the Company modified the benefits on the AEO Visa and AEO Credit Card programs to make both credit cards a part of the rewards program. Customers who make purchases at AE, aerie and 77kids earn discounts in the form...

  • Page 45
    ... credit card reward points earned on non-AE, aerie or 77kids purchases are accounted for in accordance with ASC 605-25. As the points are earned, a current liability is recorded for the estimated cost of the award, and the impact of adjustments is recorded in cost of sales. Through December 31, 2009...

  • Page 46
    ... for coupon redemptions and other promotions. The Company records the impact of adjustments to its sales return reserve quarterly within net sales and cost of sales. The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined through the use of...

  • Page 47
    ...compensation, employee benefit expenses and travel 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...

  • Page 48
    ...) Cash paid during the periods for: Income taxes ...Interest...Segment Information $45,737 $ 191 $61,869 $ 1,879 $132,234 $ 1,947 In accordance with ASC 280, Segment Reporting ("ASC 280"), the Company has identified four operating segments (American Eagle Brand US and Canadian stores, aerie by...

  • Page 49
    ...-term investments on the Consolidated Balance Sheets: Balance January 29, 2011 Unrealized Unrealized Holding Gains Holding Losses (In thousands) Cash and cash equivalents: Cash ...Commercial paper ...Corporate bonds ...Treasury bills ...Money-market ...Total cash and cash equivalents ...Short-term...

  • Page 50
    AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) January 30, 2010 Unrealized Unrealized Holding Gains Holding Losses (In thousands)} Balance Cash and cash equivalents: Cash ...Commercial paper ...Treasury bills ...Money-market ...Total cash and cash ...

  • Page 51
    AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) $176.4 million par value ($163.3 million carrying value) of its available-for-sale securities. The Company received proceeds of $149.6 million plus accrued interest and recognized a net loss in its Consolidated ...

  • Page 52
    ... hierarchy for the Company's financial assets (cash equivalents and investments) measured at fair value on a recurring basis as of January 29, 2011 and January 30, 2010: Fair Value Measurements at January 29, 2011 Quoted Market Prices in Active Significant Markets for Significant Other Unobservable...

  • Page 53
    .... They are based on the Company's current judgment and view of current market conditions. The use of different assumptions would result in a different valuation and related charge. As a result of the discounted cash flow analysis for Fiscal 2010, the Company recognized net impairment of $0.6 million...

  • Page 54
    AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The fair value of the ARS Call Option described in Note 3 to the Consolidated Financial Statements was also estimated using a discounted cash flow model. The model considered potential changes in yields for ...

  • Page 55
    ... were 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. Refer to Note 14 to the Consolidated...

  • Page 56
    AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The following is a reconciliation between basic and diluted weighted average shares outstanding: For the Years Ended January 29, January 30, January 31, 2011 2010 2009 (In thousands, except per share amounts) ...

  • Page 57
    ... Accounts Receivable Accounts receivable are comprised of the following: January 29, January 30, 2011 2010 (In thousands) Landlord construction allowances . Merchandise sell-offs ...Marketing cost reimbursements ...Credit card receivable ...Gift card receivable ...Franchise receivable ...Insurance...

  • Page 58
    ... institutions. The average borrowing rate on the demand line for outstanding borrowings during Fiscal 2010 was 2.1%. 9. Leases The Company leases all store premises, some of its office space and certain information technology and office equipment. The store leases generally have initial terms...

  • Page 59
    ... for Fiscal 2009. $ - 28,072 $28,072 $ (6,401) 23,239 $16,838 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...

  • Page 60
    ...received awards and the terms and conditions of these awards. The 1999 Plan provided for a grant of 1,875 stock options quarterly (not to be adjusted for stock splits) to each director who is not an officer or employee of the Company starting in August 2003. The Company ceased making these quarterly...

  • Page 61
    ... or to an employee's eligible retirement date, if earlier. Performance-based stock option awards vest over three years and are earned if the Company meets preestablished performance goals during each year. A summary of the Company's stock option activity under all plans for Fiscal 2010 follows: For...

  • Page 62
    ... using a Black-Scholes option pricing model with the following weighted-average assumptions: For the Years Ended January 29, January 30, January 31, 2011 2010 2009 Black-Scholes Option Valuation Assumptions Risk-free interest rates(1) ...Dividend yield ...Volatility factors of the expected market...

  • Page 63
    AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) A summary of the activity of the Company's restricted stock is presented in the following tables: Time-Based Restricted Stock For the Year Ended January 29, 2011 Weighted-Average Grant Date Fair Value Shares ...

  • Page 64
    ...: January 29, January 30, 2011 2010 (In thousands) Deferred tax assets: Deferred compensation ...Foreign tax credits ...Rent ...Investment securities ...Inventories ...Foreign and state income taxes ...State tax credits ...Employee compensation and benefits ...Other ...Gross deferred tax assets...

  • Page 65
    ... effective income tax rate if recognized. The following table summarizes the activity related to our unrecognized tax benefits: For the Years Ended January 29, January 30, January 31, 2011 2010 2009 (In thousands) Unrecognized tax benefits, beginning of the year balance...Increases in tax positions...

  • Page 66
    ... taxes) as of January 29, 2011. These tax credits can be utilized to offset future Kansas income taxes and will generally expire in seven years. Due to a favorable incentive agreement with the Kansas Department of Commerce in Fiscal 2010, the Company released the valuation allowance that had been...

  • Page 67
    ...'s Board approved management's recommendation to proceed with the closure of the M+O brand. The Company notified employees and issued a press release announcing this decision on March 9, 2010. The decision to take this action resulted from an extensive evaluation of the brand and review of strategic...

  • Page 68
    AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) A rollforward of the liabilities recognized in the Consolidated Balance Sheet is as follows: January 29, 2011 (In thousands) Accrued liability as of January 30, 2010 ...Add: Costs incurred, excluding non-cash ...

  • Page 69
    AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 15. Quarterly Financial Information - Unaudited The sum of the quarterly EPS amounts may not equal the full year amount as the computations of the weighted average shares outstanding for each quarter and the ...

  • Page 70
    ...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...

  • Page 71
    ... 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. In our opinion, American Eagle Outfitters, Inc. maintained, in all...

  • Page 72
    ... our 2011 Annual Meeting of Stockholders is incorporated herein by reference. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES. The information appearing under the caption "Independent Registered Public Accounting Firm Fees and Services" in our Proxy Statement relating to our 2011 Annual Meeting of...

  • Page 73
    ... Employee Stock Purchase Plan(6) Form of the Registrant's 1999 Stock Incentive Plan, as amended(7) Management Incentive Plan(8) Employment Agreement between the Registrant and LeAnn Nealz dated March 31, 2004(9) Profit Sharing and 401(k) Plan(10) Deferred Compensation Plan, as amended(11) Employment...

  • Page 74
    ...Previously filed as Appendix A to the Definitive Proxy Statement for the 2003 Annual Meeting of Stockholders held on May 27, 2003, filed April 14, 2003 and incorporated herein by reference. Previously filed as Exhibit 10.12 to the Form 10-Q for the period ended July 31, 2004, filed September 3, 2004...

  • Page 75
    ... Definitive Proxy Statement for the 2009 Annual Meeting of Stockholders held on June 16, 2009 held on June 16, 2009, filed May 4, 2009 and incorporated herein by reference. (24) Previously filed as Exhibit 10.1 to the Form 8-K dated January 11, 2010, filed January 12, 2010 and incorporated herein by...

  • Page 76
    ... by the undersigned, thereunto duly authorized. AMERICAN EAGLE OUTFITTERS, INC. By: /s/ James V. O'Donnell James V. O'Donnell Chief Executive Officer Dated March 11, 2011 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons in the...

  • Page 77
    ... Management Co., a Delaware Corporation AEO Realty Co LLC, a Delaware Limited Liability Company AEOC NS ULC, a Nova Scotia Corporation AEOC Holdings NS ULC, a Nova Scotia Corporation American Eagle Cdn Hold Co., a Delaware Corporation American Eagle Outfitters Asia Limited, a Hong Kong Corporation...

  • Page 78
    ... financial statements of American Eagle Outfitters, Inc. and the effectiveness of internal control over financial reporting of American Eagle Outfitters, Inc., included in this Annual Report (Form 10-K) for the year ended January 29, 2011. /s/ Pittsburgh, Pennsylvania March 11, 2011 Ernst & Young...

  • Page 79
    ..., to sign, in his or her name and behalf and in any and all capacities stated below, and to cause to be filed with the Securities and Exchange Commission (the "Commission"), the Corporation's Annual Report on Form 10-K (the "Form 10-K") for the year ended January 29, 2011, and likewise to sign and...

  • Page 80
    ... James V. O'Donnell, certify that: 1. I have reviewed this Annual Report on Form 10-K of American Eagle Outfitters, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of...

  • Page 81
    ... management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Joan Holstein Hilson Joan Holstein Hilson Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) March 11, 2011

  • Page 82
    ... with the Annual Report of American Eagle Outfitters, Inc. (the "Company") on Form 10-K for the period ended January 29, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James V. O'Donnell, Principal Executive Officer of the Company, certify to...

  • Page 83
    ... with the Annual Report of American Eagle Outfitters, Inc. (the "Company") on Form 10-K for the period ended January 29, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Joan Holstein Hilson, Principal Financial Officer of the Company, certify to...