AEO Updates Payment of Deferred First Quarter Cash Dividend of $0.1375 Per Share, Due to Strong Financial Condition
04 December 2020 - 10:17AM
Business Wire
American Eagle Outfitters (NYSE: AEO) announced that its Board
of Directors has updated the record and payment dates of the
previously-deferred first quarter 2020 cash dividend, which
originally was declared on March 26, 2020 and deferred on April 2,
2020 in response to store closures resulting from the COVID-19
pandemic. The $0.1375 per share cash dividend is now payable on
December 30, 2020 to stockholders of record at the close of
business on December 16, 2020.
Jay Schottenstein, Executive Chairman of the Board and Chief
Executive Officer commented, “In light of a strong third quarter
and the significant progress we’ve made to strengthen our financial
liquidity after the onset of COVID-19, we are pleased to pay our
deferred first quarter dividend before the close of 2020. We have a
long track record of consistent shareholder returns, and I look
forward to reinstating our regular quarterly cash dividend and
share repurchase program once business visibility improves.”
About American Eagle Outfitters, Inc. American Eagle
Outfitters, Inc. (NYSE: AEO) is a leading global specialty retailer
offering high-quality, on-trend clothing, accessories and personal
care products at affordable prices under its American Eagle® and
Aerie® brands. Our purpose is to show the world that there’s REAL
power in the optimism of youth. The company operates stores in the
United States, Canada, Mexico, and Hong Kong, and ships to 81
countries worldwide through its websites. American Eagle and Aerie
merchandise also is available at more than 200 international
locations operated by licensees in 26 countries. For more
information, please visit www.aeo-inc.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This release and related statements by management contain
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995), which represent our
expectations or beliefs concerning future events. All
forward-looking statements made by the company involve material
risks and uncertainties and are subject to change based on many
important factors, some of which may be beyond the company’s
control. Words such as "estimate," "project," "plan," "believe,"
"expect," "anticipate," "intend," “potential,” and similar
expressions may identify forward-looking statements. Except as may
be required by applicable law, we undertake no obligation to
publicly update or revise any forward-looking statements whether as
a result of new information, future events or otherwise and even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized. The
following factors, in addition to the risks disclosed in Item 1A.,
Risk Factors, of the company’s Annual Report on Form 10-K for the
fiscal year ended February 1, 2020 and in any subsequently-filed
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission in some cases have affected, and in the future
could affect, the company's financial performance and could cause
actual results for the fourth quarter 2020 and beyond to differ
materially from those expressed or implied in any of the
forward-looking statements included in this release or otherwise
made by management: the impact that the COVID-19 pandemic, the 2020
U.S. Presidential election and disruption related to social unrest
will have on our operations and financial results, which is
difficult to accurately predict; the risk that the company’s
operating, financial and capital plans may not be achieved; our
inability to anticipate customer demand and changing fashion trends
and to manage our inventory commensurately; seasonality of our
business; our inability to achieve planned store financial
performance; our inability to react to raw material cost, labor and
energy cost increases; our inability to gain market share in the
face of declining shopping center traffic; our inability to respond
to changes in e-commerce and leverage omni-channel demands; our
inability to expand internationally; difficulty with our
international merchandise sourcing strategies; challenges with
information technology systems, including safeguarding against
security breaches; and changes in global economic and financial
conditions, and the resulting impact on consumer confidence and
consumer spending, as well as other changes in consumer
discretionary spending habits, which could have a material adverse
effect on our business, results of operations and liquidity.
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version on businesswire.com: https://www.businesswire.com/news/home/20201203006128/en/
Olivia Messina 412-432-3300 LineMedia@ae.com
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