AEO Inc. Announces 25% Increase in Quarterly Cash Dividend
PITTSBURGH–(BUSINESS WIRE)– American Eagle Outfitters, Inc. (NYSE: AEO) announced that its Board of Directors has raised the amount of its quarterly cash dividend by 25%. The Board declared a regular quarterly cash dividend of $0.125 on December 13, 2023, payable on January 19, 2024 to stockholders of record at the close of business on January 5, 2024.
“I am pleased to announce a 25% increase in our quarterly dividend, reflecting improved fundamentals and free cash flow over the course of 2023. This underscores the strength of our balance sheet and confidence in our strategic direction as we enter 2024. We remain committed to delivering sustained profitable growth and returns to our shareholders,” commented Jay Schottenstein, AEO’s Executive Chairman of the Board and Chief Executive Officer.
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, Hong Kong and Japan, and ships to approximately 80 countries worldwide through its websites. American Eagle and Aerie merchandise also is available at more than 300 international locations operated by licensees in approximately 30 countries. In 2022, AEO released its first annual Building a Better World report, which outlines two decades of ESG achievements through the company’s Planet, People and Practices initiatives. For more information, please visit www.aeo-inc.com.
WWD: American Eagle Outfitters Profits Rise In Third Quarter
Net income increased 18.9 percent to $96.7 million, or 49 cents a diluted share, from $81.3 million, or 42 cents, a year ago. That put EPS 1 cent ahead of the 48 cents analysts projected, according to FactSet.
Revenues for the three months ended Oct. 28 increased 4.9 percent to $1.3 billion, with a 3 percent increase in the company’s stores and a 10 percent boost online.
Jay Schottenstein, AEO’s executive chairman and chief executive officer said the quarter “demonstrated the strength of our brands and reflected continued progress on our growth and profit improvement initiatives.”
Revenues at AEO’s Aerie division gained 12 percent to $393 million, while the American Eagle business rose by 2 percent to $857 million.
Inventories were down 4 percent to $769 million at the end of the quarter, with units decreasing 3 percent, reflecting the company’s push to main discipline.
For the full year, American Eagle projected its operating income would range from $340 million to $350 million, at the high end of its prior guidance calling for $325 million to $350.
Annual revenues are now set to show a midsingle digit increase, instead of the low-single digit gain previously projected.
Schottenstein said: “Momentum has continued across the business into the fourth quarter, driven by strong holiday assortments, engaging marketing campaigns and solid execution, supporting our improved outlook for the rest of the year. Looking ahead, we remain focused on advancing our long-term strategic priorities, as we seek to create consistent growth across our portfolio of brands and generate efficiencies for improved profit flow-through. We are set up to deliver on both in 2024.”
Earlier this year, AEO started to review its cost structure, focusing at first on gross margins and helping to boost results in the most-recent quarter. The company on Tuesday said that “other significant work streams have been identified, actioned and incorporated into the company’s 2024 plans.”
AEO expects the effort to “yield gross margin expansion, as well as SG&A and depreciation leverage, resulting in an improved operating profit rate.”
American Eagle Outfitters Reports Third Quarter Results
Aerie posted all-time high third quarter revenue and operating margin; Comparable sales up 12% to last year
American Eagle revenue and comparable sales up 2% to last year, reflecting continued sequential improvement in trends
Continuedprogressonprofitimprovementinitiatives
November 21, 2023
PITTSBURGH — (BUSINESS WIRE) – American Eagle Outfitters, Inc. (NYSE: AEO) today announced financial results for the third quarter ended October 28, 2023.
“I am pleased with our third quarter results which demonstrated the strength of our brands and reflected continued progress on our growth and profit improvement initiatives. Our strategic priorities, underpinned by our customer-first focus and commitment to operational excellence, are propelling us forward,” commented Jay Schottenstein, AEO’s Executive Chairman of the Board of Directors and Chief Executive Officer.
“Momentum has continued across the business into the fourth quarter, driven by strong holiday assortments, engaging marketing campaigns and solid execution, supporting our improved outlook for the rest of the year. Looking ahead, we remain focused on advancing our long-term strategic priorities, as we seek to create consistent growth across our portfolio of brands and generate efficiencies for improved profit flow-through. We are set up to deliver on both in 2024.”
Third Quarter 2023 Results compared to Third Quarter 2022 Results:
Total net revenue of $1.3 billion was up 5%. Store revenue was up 3%. Digital revenue was up 10%.
Aerie revenue of $393 million rose 12% with comparable sales up 12%. American Eagle revenue of $857 million rose 2% and comparable sales increased 2%.
Gross profit of $544 million increased approximately 13% and reflected a gross margin rate of 41.8%, up 310 basis points. Margin expansion was driven by strong demand, lower product and freight costs and continued benefits from our profit improvement work including lower markdowns and leverage on rent, distribution and warehousing and delivery.
Selling, general and administrative expense of $362 million was up 16%, consistent with guidance. Aligned with strong business performance, roughly half of the expense increase was due to incentive compensation against zero accruals last year. Store payroll also increased largely due to higher wages.
Operating income of $125 million reflected a 9.6% margin.
Diluted earnings per share of $0.49 increased 17%. Average diluted shares outstanding were 198 million.
Inventory
Total ending inventory declined 4% to $769 million, with units down 3%. The company continues to maintain inventory discipline.
Capital Expenditures
Capital expenditures totaled $43 million in the third quarter and $135 million year-to-date. For Fiscal 2023, management continues to expect capital expenditures to approximate $150 to $175 million.
Profit Improvement Focus
Earlier this year, the company launched a comprehensive review of its cost structure. Early actions have been focused on the components of gross margin and contributed to margin expansion in the second and third quarters. Other significant work streams have been identified, actioned and incorporated into the company’s 2024 plans. The results of these initiatives are expected to yield gross margin expansion, as well as SG&A and depreciation leverage, resulting in an improved operating profit rate.
Outlook
For Fiscal 2023, management expects revenue to be up mid-single digits to last year, compared to prior guidance for revenue up low single digits. Operating income is expected to be in the range of $340 to $350 million, at the high end of prior guidance of $325 to $350 million. This reflects strengthened demand and continued profit improvement. With better business trends driving higher incentives, SG&A is expected to be up in the low double digits for the year.
For the fourth quarter, management’s outlook reflects revenue up high-single digits and operating income in the range of $105 to $115 million. The revenue outlook includes a four point positive contribution from the 53rd week. SG&A is expected to be up approximately 20% including a 5 point impact from the 53rd week. Incentive accruals are also expected to be higher, which are skewed to the back half of the year. Depreciation is expected to be similar to the third quarter.
Conference Call and Supplemental Financial Information
Management will host a conference call and real time webcast today at 11:00 a.m. Eastern Time. To listen to the call, dial 1-877-407-0789 or internationally dial 1-201-689-8562 or go to www.aeo-inc.com to access the webcast and audio replay. Additionally, a financial results presentation is posted on the company’s website.
* * * *
AboutAmericanEagleOutfitters,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, Hong Kong and Japan, and ships to approximately 80 countries worldwide through its websites. American Eagle and Aerie merchandise also is available at more than 300 international locations operated by licensees in approximately 30 countries. In 2022, AEO released its first annual Building a Better World report, which outlines two decades of ESG achievements through the company’s Planet, People and Practices initiatives. 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, including fourth quarter and annual fiscal 2023 and annual fiscal 2024 results. 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 our Annual Report on Form 10-K for the fiscal year ended January 28, 2023 and in any other filings that we may make 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 fiscal 2023 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 negative impacts of the COVID-19 pandemic and related operational disruptions; 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 global economic, public health, social, political 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.
AEO Building a Better World Volunteer of the Month: Michael, Senior Planning Manager – Merchandise Planning
AEO associates share our commitment to doing better, being better and building a better world. We’re proud to spotlight our people who are making a real and lasting impact in their communities.
Tell us about your volunteer service!
I have been a Big Brothers Big Sisters of Greater Pittsburgh volunteer for about 20 years. I got involved when a fellow associate mentioned to me that I should look into volunteering with BBBS when I started at AEO – and here we are 20 years later!
My first match was with an 8-year-old named Branden and we had an amazing time together over the next 10 years. He got me interested in Marvel comic movies and I got him interested in the Steelers – we went to several games together, including an AFC championship match. We also did a ton of things including trips to museums, reading books, and learning to cook. When Branden graduated, I started working with BBBS’s Mentor 2.0 program where we meet after hours at a school, which I now help manage at AEO. Our program is the longest-running workplace mentoring program for BBBS in Pittsburgh!
I enjoy my time so much with BBBS that I joined the board 15 years ago and help coordinate countless events with AEO and across the city, like Big for a Day at the Zoo, AEO Bowl for Kids Sake and other events.
Why is giving back important to you?
I realized at a pretty young age that it’s important to follow the golden rule: treat people the way you want to be treated. To me, it is pretty simple and straightforward, but a lifelong commitment.
At Big Brothers Big Sisters, it is incredible to be around all of the kids (and Bigs!) who are smiling and having a blast together. The organization does such great work, and after my first Little and I phased out of the program, I became involved again with another one.
How long have you been volunteering?
I have regularly volunteered since I started Mitzvah (Good Deed) Day in my Temple growing up.
How do you think that giving back to the community contributes to building a better world?
It helps me focus on the goodness that is out there in the world. It’s a break from the grind of work and is a positive way to lose myself for a few hours. When I was younger and first began volunteering with BBBS, I was doing the things I would have been doing anyway after work – seeing a movie, eating dinner out, going to a museum or a sporting event – the only difference was that I had a Little who would join me! I am so proud of the young man that Branden became during our time together.
The AEO community has also been tremendously important and I am so grateful for the support I receive from my colleagues. Each year, our associates generously donate to fundraisers like Bowl for the Kids Sake – it’s a team effort and our people truly believe in the power of community to Build a Better World.
What are some of the benefits you have found in volunteering?
When I got involved with BBBS, I didn’t expect much in return; however, I think I got more out of it than my Little. BBBS has impacted my life in more ways than I can count and I have learned so much from my experiences with the organization. In two years my daughter will be 8 – the same age as Branden when we first met. A truly full-circle moment. My life has been shaped by BBBS and AEO and I am very thankful for all of those experiences!
WWD: Delivering Good’s Annual Gala Honors Mindy Grossman, Jennifer Foyle and Carmen Bauza and Raises $1.6 Million
NEW YORK — Delivering Good, the nonprofit organization that unites retailers, manufacturers, foundations and individuals to support people affected by poverty and tragedy, raised nearly $1.6 million at its annual gala Wednesday night.
Held at Cipriani 42nd Street, the gala honored Mindy Grossman, partner at Consello Group, with the Lifetime Achievement Award; Jennifer Foyle, president and executive creative director of American Eagle and Aerie with the Vanguard Award, and Carmen Bauza, board member at Claire’s Stores, Destination XL Group, Zumiez, and OneWater Marine with the Impact Award.
NEW YORK, NEW YORK – NOVEMBER 01: (L-R) Mindy Grossman, Jennifer Foyle and Carmen Bauza attend the 2023 Evening of Delivering Good at Cipriani 42nd Street on November 01, 2023 in New York City. (Photo by Craig Barritt/Getty Images for Delivering Good)
Among the nearly 500 people in attendance were Stephen Sadove, Jaryn Bloom, Jill Granoff, Andrea Weiss, Allan Ellinger, Matthew Rubel, Abbey Doneger, Matthew Shay, Lisa Gurwitch, and Janice Sullivan.
This year the nonprofit took an all-female approach, with its three honorees, hosts Atoya Burleson and Melissa Gonzalez, a performance by Lindsey Lomis, and auctioneer Lydia Fenet, who successfully auctioned off such prizes as a private shopping experience with Michael Kors, a weeklong vacation at Casa Sibyl in Las Terenas, Dominican Republic, and 10 seats in the UBS Arena Owner’s Suite for Stevie Nicks.
Matthew Fasciano, president and CEO of Delivering Good, said that people have said to him that the organization has been “the best kept secret in the industry.”
“But I don’t want us to be a secret anymore,” said Fasciano, noting that last year Delivering Good delivered nearly 16 million items of new products worth about $154 million to those in need.
Andrea Weiss, board chair of Delivering Good, revealed the organization’s One Million Bras Campaign has begun, and so far it has collected 250,000 bras, including 100,000 from Aerie. Other companies participating include Delta Galil, Lane Bryant, Wacoal, Centric Brands, Commando, Hanesbrands, Komar, Spanx, The Little Bra, ThirdLove, United Legwear, and Victoria’s Secret. “Thank you to Jen Foyle and your team for leading the charge with making generosity real,” said Weiss.
In presenting the Vanguard award to Foyle, Stacy Berns, president of Berns Communications Group (also co-chair of the event), spoke about how two weeks ago, 20 young girls were invited to the Aerie and American Eagle store on 59th Street and Lexington Avenue in New York and were given a two-hour shopping experience with Foyle. Berns said 10 years ago Foyle ignited a movement centered around body positivity, and today she leads a $5 billion company that gives equal weight to profits and purpose.
Foyle thanked Delivering Good for recognizing her company’s commitment to helping those in need and said she’s “truly grateful, humbled and honored,” as well as the other honorees. Foyle said she was accepting this award on behalf of her team and that her company is committed to the planet, people and communities.
“We’re a nice company and we do nice things, and I’m so proud and I represent our CEO Jay Shottenstein, who has been an amazing true visionary for our company, and he literally leads the way with passion and commitment to the real world. He makes every day better,” said Foyle.
She said on Nov. 13, which is World Kindness Day, American Eagle and Aerie will donate $100,000 to Delivering Good. Delivering Good is also their exclusive charity partner throughout the holiday season.
Grossman received the Lifetime Achievement Award from her friend Caryl Stern, chief impact officer of LionTree. The two met when Stern was CEO of UNICEF and Grossman was CEO of HSN. Stern recalled she had to meet Grossman for the first time to apologize for the fact that a multimillion-dollar campaign that HSN was doing with UNICEF had failed.
“So it was not exactly a meeting that I was looking forward to,” said Stern. She said she did her homework and saw Grossman’s accomplishments.
“And now I had to go meet her [at the Four Seasons] for the first time to apologize, and to say I was worried would be a huge understatement,” said Stern. “And then the unexpected happened. We shook hands and within five minutes I knew I had found a friend.” Grossman began the conversation saying “we both screwed up our partnership, so what are we going to do together next that will make up? But maybe her language was a bit stronger,” said Stern. Grossman joined the UNICEF USA board of directors and they began to travel the world together.
Before Grossman accepted her award, there was a special presentation. Oprah Winfrey (who Grossman got to know when she was CEO at WW International) appeared on the screen and said in part, “You intentionally use your life, your work, your skills and service to deliver good to those whom you’re serving. It’s fantastic that Delivering Good is giving a lifetime achievement award to you who delivers good.”
Grossman recalled how she witnessed the hard work and dedication of the Delivering Good staff on the ground in Tampa, helping children and their families who were affected by Hurricane Idalia. She and her daughter Lizzie volunteered to help. “But it was so clear to Lizzie and I that those we helped received more than just products. They were treated with dignity. They were treated with kindness, with respect, with humanity,” said Grossman.
She said that she had planned to write her speech on the weekend of Oct. 7. “And then the atrocities of Oct. 7 occurred. And as a Jewish woman who has ties to Israel, I was devastated, incredulous, angry, horrified and scared for all my friends and family around the world that were affected in the most brutal and incomprehensible way,” said Grossman. So she found a quote from almost 100 years ago written by George Dayton, the founder of Target, which said, “Success is making ourselves useful in the world, valuable to society, helping in lifting the level of humanity, so conducting ourselves that when we go, the world will be somewhat better of our having lived the brief span of our lives.”
She said now it is critical “for each one of us to use our experience, to use our voices, to lift humanity, to create impact, to advocate for change and to galvanize others to act,” she said.
In accepting her award, Bauza, whose career has included roles at Walt Disney, Bath & Body Works, HSN and Fanatics, thanked the Delivering Good team and said it works tirelessly to make things happen, even though there are only 12 people. Bauza spoke about how she and her husband founded a program in Northwest Arkansas that helps Hispanic eighth-graders stay in school. Many of these children were the first in their families to receive a high school diploma and some went on to pursue a college education.
“And I’m happy to say the program is still going strong as a way of paying it forward” since she has had tremendous opportunities because people opened doors for her, she said.
WWD: AEO Brands Open SoHo Store Featuring Aerie, American Eagle and Unsubscribed
This month, the AEO family of brands — Aerie, American Eagle and Unsubscribed — have joined forces to open a 24,000-square-foot store featuring all the brands.
The first of its kind store concept, called The Gateway, is located in SoHo at 599 Broadway, in time for the holiday shopping season. The store was previously an American Eagle unit.
The shop, which has 15,000 square feet of spelling space and 9,000 square feet of storage/back of house, will be converted to The Gateway on Wednesday.
The company recognizes that time is a precious commodity during the holidays, so looks to make things easier at one convenient location. In addition to all three brands, The Gateway will house AE’s 24/7 men’s activewear collection and its premium AE77 denim, along with OFFL/NE by Aerie. The store also provides space to engage with different experiences, events and technologies to immerse with the brands.
The Sub level will feature Unsubscribed and AE77, the main level will house AE women’s and Aerie, and the second level will house AE men’s, 24/7 and Offl/ne by Aerie.
Jennifer Foyle, president and executive creative director of AE and Aerie, said, “The Gateway store concept evolved from our customer-centered priorities to provide the best and most exciting shopping experience. AEO’s retail portfolio includes some of the most highly recognizable and innovative lifestyle brands. By bringing them together under one roof, we are able to showcase our collections in a unique and convenient way. Customers can shop the brands they love like AE and Aerie, while exploring timeless and luxe pieces from Unsubscribed, and premium denim and cashmere from AE77. As we head into the season, The Gateway also becomes the ultimate gifting destination for everyone on your list.”
Aerie’s CMO Reflects on 10 Years of Body Confidence and Women’s Empowerment
Stacey McCormick, chief marketing officer of Aerie, OFFL/NE, and Unsubscribed — all brands within the American Eagle Outfitters (AEO) portfolio — has been with AEO for 27 years and has seen the transformations within the company firsthand.
At the Women in Retail On the Road event in Pittsburgh earlier this month, McCormick sat down with Women in Retail Leadership Circle (WIRLC) Co-Founder Melissa Campanelli to reflect on her career, the Aerie brand’s marketing impact, and more.
McCormick, whose background is in merchandising and marketing, helped start Aerie in 2005 as an intimates brand after seeing a gap in the market.
“There was no place for young girls to shop,” McCormick said. “There really wasn’t a place for someone to go and find something that made them feel good.”
Aerie stopped digitally retouching models and launched its #AerieReal spokesmodel program in 2014, featuring female models of various body types. McCormick said the campaign revolutionized “what we felt was something that wasn’t happening in the space, wasn’t happening in retail at all.”
McCormick said Aerie challenged the notion that the models selling products should be presented as perfect to consumers.
“At the time, people thought we were crazy,” recalled McCormick, adding that in the time of the “supermodel era,” this body positivity approach was unheard of.
McCormick said Aerie also pioneered what we now know as user-generated content (UGC) with the #AerieReal campaign, which encourages customers to post photos of themselves in the products with the hashtag. Today, Aerie has built a library of UGC through store ambassadors, paid media organizations, and micro-influencers on social media.
“Not only are we a retailer selling product, but there’s so much more we can do to resonate and make change, and so we did it,” McCormick said.
AEO Building a Better World Volunteer of the Month: Riley, Photo Studio Production Assistant
AEO associates share our commitment to doing better, being better and building a better world. We’re proud to spotlight our people who are making a real and lasting impact in their communities.
Riley is passionate about channeling her creativity and giving back to the community as a volunteer with her local high school’s musical program. Learn more about she’s forming bonds and helping students find their voice below.
Tell us about your volunteer service! How many years have you been a volunteer? I volunteer (alongside my Mom!) as a costume designer with the musical program at Woodland Hills High School, located in a suburb outside of Pittsburgh. As a graduate of the program and the school, I hold this organization very close to my heart. I dedicate nearly every day of my winter and spring to the program conceptualizing, sewing, sourcing, and designing costumes, styling wigs, and even crafting puppets when needed.
I have volunteered with the musical every year since graduating and also started volunteering more with the junior high school, even sewing costumes in my dorm room at college!
Why is giving back important to you? Volunteering with the school means everything to me. The musical program helped me discover my creative side in high school and began my journey into fashion design. I feel like I owe a lot to this program and all of its volunteers. I get to volunteer with my Mom and have created such an amazing bond with the parents and students in the program.
How do you think that being an active participant in your community helps to Build a Better World? Volunteering in my community builds a better world by helping to give so many kids a voice. The musical creates a second family for students, a network of support, love, and care, whether it be a car ride to and from rehearsal, dinner after school, or even just a smile and a “how are you doing?” to brighten someone’s day. Creating costumes for a high school musical goes beyond sewing flashy clothes for a teenager!
What are some of the benefits you have found in volunteering? I have become much more involved in my community and built so many relationships, which has been fulfilling. I love getting to see the kids grow into themselves and build their confidence through this program. I am so thankful for this opportunity because I can practice my creative skills that I don’t always get to use every day at work. I meet new people every day, and I learn so many lessons about life and leadership.
P.S. – If you’re local to Pittsburgh, come see the shows!
AEO Inc. Announces Key Appointments as Part of Previously Announced COO Transition
PITTSBURGH–(BUSINESS WIRE)– American Eagle Outfitters, Inc. (NYSE: AEO) today announced the appointment of two executive leaders following the previously announced departure of the company’s Executive Vice President – Chief Operations Officer, Michael Rempell.
Sarah Clarke has been named Executive Vice President – Chief Supply Chain Officer and will be responsible for managing AEO’s global supply chain from sourcing through distribution. Sarah is a strategic business leader with extensive experience in supply chain management across several large-scale, multi-brand retail organizations. She joins AEO from PVH Corporation, where she held the role of Global Chief Supply Chain Officer, driving operational excellence and strong commercial results. Sarah will report to Jay Schottenstein, Executive Chairman and Chief Executive Officer, effective October 30.
Valerie van Ogtrop will join AEO as Executive Vice President – Brand Operations, a newly created role, designed to drive greater brand collaboration while fueling growth and profitability across American Eagle and Aerie. Valerie joins AEO from J.Crew where she most recently led the acceleration and profitable expansion of Madewell as Executive Vice President – Brand Operations, building on a number of leadership roles during her 19-year career at the company.
Valerie will have full accountability for AEO Store Operations across the U.S. and Canada, Brand Finance and Strategy, and Merchandise Planning, with dual reporting into Jennifer Foyle, President, Executive Creative Director – AE and Aerie and Mike Mathias, Executive Vice President – Chief Financial Officer, effective October 30.
“Sarah and Valerie bring deep industry knowledge and proven capabilities that complement our organization and innovative culture. As we chart out AEO’s next chapter and hone our focus on profitable growth, I am confident we have the right talent and performance-driven mindset across our teams to drive long-term success,” commented Jay Schottenstein, Executive Chairman of the Board and Chief Executive Officer.
As previously announced, Michael Rempell is committed to ensuring a smooth and seamless transition. Michael has been a tremendous asset to the company. His visionary leadership and bench strength within his organization leaves AEO with a strong foundation to build upon.
About Sarah Clarke
Sarah Clarke served as the Global Chief Supply Chain Officer at PVH Corporation from 2021 to 2023. Prior to that she was Executive Vice President of Supply – North America from 2020 to 2021, building on an extensive tenure across several supply chain leadership roles for key businesses within the PVH portfolio, including Calvin Klein North America and The Underwear Group from 2013 to 2020. Before joining PVH, Sarah held various leadership roles at Gap Inc. across sourcing, merchandising, supply chain strategy and global production for the company’s brands. Sarah holds a Bachelor of Arts in Philosophy and Politics from the University of York, England and completed the Global Leadership Program at The Wharton School of the University of Pennsylvania.
About Valerie van Ogtrop
Valerie van Ogtrop served as Executive Vice President – Brand Operations at Madewell from 2015 to 2023. Prior to that, she was Executive Vice President – Planning and Allocation at J.Crew, building on multiple planning and allocation leadership roles at the company from 2004 to 2015. Before joining J.Crew, Valerie was Senior Director of Planning at Gap Inc. from 1996 to 2003. Valerie holds a Bachelor of Science in Mathematics and Statistics from James Madison University.
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, Hong Kong and Japan, and ships to approximately 80 countries worldwide through its websites. American Eagle and Aerie merchandise also is available at more than 260 international locations operated by licensees in approximately 30 countries. To learn more about AEO and the company’s commitment to Planet, People and Practices, please visit www.aeo-inc.com.
Celebrating Hispanic & Latine Heritage Month: Viridiana – Sales Leader
This Hispanic & Latine Heritage Month, AEO is proud to recognize the important contributions of U.S. citizens whose ancestors immigrated from Spain, Mexico, the Caribbean and Central and South America. Throughout the month, we are spotlighting our associates as they share more on their heritage, culture and favorite traditions.
Viridiana, AE Sales Leader, is passionate about honoring her Mexican culture. Keep reading to learn more about how she celebrates traditions with her family and in the workplace.
Tell us more about your family’s heritage. How do you celebrate your culture and traditions? Why do you think it’s important?
We are a Mexican family living in California! It is incredibly important to keep our culture and traditions alive while being far away from some of our relatives who still live in Mexico. We like to celebrate special holidays, such as Mexican Independence Day on September 16 and Dia de los Muertos in November. We even try to incorporate our culture on birthdays by singing las mañanitas (instead of the happy birthday song in English!) because las mañanitas holds more sentimental value to us, and it is such a beautiful song.
Food is also a big part of celebrating our heritage and culture so we try to incorporate dishes like pozole, tamales, and buñuelos when celebrating holidays or special occasions. It’s important to continue to do these types of things, especially together as a family, because it keeps our culture alive and it reminds us of who we are and where we come from.
What does Hispanic & Latine Heritage Month mean to you?
This month means being able to highlight and empower not only myself and my accomplishments, but also other Hispanic & Latine people. It is a month of celebrating and also showing the world everything we stand for and are so proud of.
How do you bring your authentic self to work, including your heritage and culture?
I am grateful to work in an environment that empowers me to be my real, authentic self everyday and use fashion to express myself. I have the privilege to work alongside an amazing and diverse team who is always happy to learn about my culture and heritage, and also teach me about their own. Being able to share the wonderful qualities that we love about our cultures as a team helps us celebrate who we are every day
Do you have a notable Latino or Hispanic figure that you admire and why?
Alexandria Ocasio-Cortez is someone who I admire because of her dedication to advocating for the people. She is a prime example of fighting for what you believe in and that us Latinos can do anything we set our minds to.
