American Eagle Outfitters (AEO) 8-K Financial statements and exhibits

EXHIBIT 99.1

AMERICAN EAGLE
OUTFITTERS

Reports Third Quarter Fully Diluted EPS of $0.37on Total Sales Increase of 3.0%

Warrendale, PA, November 14, 2002 - American Eagle Outfitters, Inc. (NASDAQ: AEOS) today announced its consolidated financial results for the third quarter ended November 2, 2002:

Third Quarter Ended November 2, 2002

• Total sales increased 3.0% to $374.5 million from $363.7 million for the quarter ended November 3, 2001.
• Sales for the third quarter 2002 included $21.7 million from the Bluenotes/Thriftys operation, compared to $29.4 million for the corresponding period last year.
• Comparable store sales for the American Eagle Outfitters stores declined 5.2% for the quarter ended November 2, 2002.
• Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 7.0% when compared to the corresponding period last year.
• Net income for the quarter decreased to $27.1 million, or $0.37 per share on a diluted basis, from net income of $30.7 million, or $0.42 per share on a diluted basis last year.

Year-to-Date for the Thirty-Nine Weeks Ended November 2, 2002

• Total sales increased 7.0% to $971.6 million from $907.6 million for the thirty-nine weeks ended November 3, 2001.
• Sales for the thirty-nine weeks ended November 2, 2002 included $58.0 million from the Bluenotes/Thriftys operation, compared to $70.9 million for the corresponding period last year.
• Comparable store sales for the American Eagle Outfitters stores declined 5.0% when compared to the same thirty-nine week period last year.
• Consolidated comparable store sales, which include American Eagle and Bluenotes/Thriftys stores, decreased 6.2% when compared to the corresponding period last year.
• Net income for the period decreased to $49.9 million, or $0.68 per share on a diluted basis, from net income of $61.6 million, or $0.83 per share on a diluted basis last year.

At 9:00 a.m. EST, on November 14, 2002, the Company's management team will host a conference call to review the financial results. To listen to the call, dial 877-601-0864 at least ten minutes prior to the start of the call. The conference call will also be simultaneously broadcast over the Internet at www.ae.com. A replay will be available from 1:00 p.m. EST November 14th through November 30th. To listen to the replay, dial 1-800-642-1687 and reference confirmation code #6217908. An audio replay of the conference call will also be available at www.ae.com until February 25, 2003.

American Eagle Outfitters is a leading lifestyle retailer that designs, markets and sells its own brand of relaxed, versatile clothing for 16 to 34 year-olds, providing high-quality merchandise at affordable prices. AE's lifestyle collection includes casual basics like khakis, cargos, and jeans; fashion tops like rugbys, polos, and graphic T's; and functional items like swimwear, outerwear, footwear, and accessories. AE's Canadian subsidiary, Bluenotes/Thriftys, targets a slightly younger demographic, offering a more urban/suburban, denim-driven collection for 12 to 22 year-olds. American Eagle Outfitters currently operates 694 AE stores in 48 states and the District of Columbia, 56 AE stores in Canada, and 111 Bluenotes/Thriftys stores in Canada. AE also operates via its Internet business, ae.com.

Company Contacts:    

Laura Weil
Judy Meehan
724-776-4857

AMERICAN EAGLE OUTFITTERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
		(Unaudited) November 2, 2002		February 2, 2002		(Unaudited) November 3, 2001
ASSETS
Cash and cash equivalents	$	115,396	$	180,398	$	72,951
Short-term investments		57,576		45,085		11,853
Merchandise inventory		181,916		91,096		175,968
Other current assets		69,344		61,451		76,991
Total current assets		424,232		378,030		337,763
Property and equipment, net		270,283		257,731		251,172
Goodwill, net		23,966		23,966		25,039
Other assets, net		22,626		12,994		13,450
Total Assets	$	741,107	$	672,721	$	627,424
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	94,151	$	39,067	$	77,198
Accrued compensation and payroll taxes		19,093		27,545		24,873
Accrued rent		26,998		29,779		28,522
Accrued income and other taxes		8,277		24,451		3,777
Current portion of note payable		8,929		4,044		4,040
Other current liabilities		18,616		25,056		15,258
Total current liabilities		176,064		149,942		153,668
Note Payable		16,663		19,361		20,352
Other non-current liabilities		8,837		1,366		1,500
Total non-current liabilities		25,500		20,727		21,852
Total stockholders' equity		539,543		502,052		451,904
Total Liabilities and Stockholders' Equity	$	741,107	$	672,721	$	627,424
Current Ratio		2.41		2.52		2.20

AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited)
		Three Months Ended				Nine Months Ended
		November 2, 2002		November 3, 2001		November 2, 2002		November 3, 2001
Net sales	$	374,471	$	363,659	$	971,587	$	907,599
Cost of sales, including certain buying,
occupancy and warehousing expenses		228,164		214,120		605,507		548,201
Gross profit		146,307		149,539		366,080		359,398
Selling, general and administrative expenses		89,845		88,610		249,138		233,509
Depreciation and amortization		12,969		11,403		37,414		29,352
Operating income		43,493		49,526		79,528		96,537
Other income, net		284		53		1,141		1,898
Income before income taxes		43,777		49,579		80,669		98,435
Provision for income taxes		16,716		18,837		30,810		36,842
Net income	$	27,061	$	30,742	$	49,859	$	61,593
Basic income per common share	$	0.38	$	0.43	$	0.69	$	0.86
Diluted income per common share	$	0.37	$	0.42	$	0.68	$	0.83
Weighted average common shares outstanding - basic		71,559		71,891		71,901		71,416
Weighted average common shares outstanding - diluted		72,405		73,455		73,088		73,880

Total square footage at end of period:
American Eagle Outfitters Stores	3,743,677	3,312,004
Bluenotes/Thriftys Stores	352,210	345,896

Store count at end of period:
American Eagle Outfitters Stores	743	676
Bluenotes/Thriftys Stores	111	112