Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
180,000
automotive)
160,000
Highly competitive
Brand name
Product differentiation
140,000
40,000
20,000
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
0
1995
60,000
1994
80,000
1993
Seasonal
Holidays
Back-to-school
100,000
1992
economy
Sales in $M
120,000
American Eagle
Aropostale
2011
2010
2009
2011
2010
2009
2011
2010
2009
Net sales
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of sales
64.29% 60.54% 60.09% 39.42% 36.23% 35.68% 74.03% 63.08% 62.01%
Gross profit
35.71% 39.46% 39.91% 60.58% 63.77% 64.32% 25.97% 36.92% 37.99%
SG&A expenses
23.29% 24.03% 24.67% 55.92% 57.38% 60.75% 21.13% 20.80% 20.83%
Other operating expense (income)
5.11%
4.73%
4.69%
0.08%
-0.29%
-0.46%
Operating Income
7.31% 10.69% 10.56%
4.57%
6.69%
4.03%
4.85% 16.11% 17.16%
Non-operating income (expense)
0.19%
-0.75%
-0.20%
-0.09%
-0.10%
0.05%
-0.02%
0.00%
0.01%
Income before tax
7.50%
9.94% 10.35%
4.48%
6.59%
4.08%
4.83% 16.11% 17.17%
Provision for tax
2.70%
3.81%
3.09%
1.43%
2.26%
1.38%
1.86%
6.47%
6.88%
Income from continuing operations
4.80%
6.13%
7.26%
3.05%
4.33%
2.70%
2.97%
9.64% 10.29%
Loss on discontinued operations
-1.39%
-1.51% 0.02%
-2.69%
Net income
4.80%
4.74%
5.75%
3.07%
4.33%
0.01%
2.97%
9.64% 10.29%
American Eagle
2011
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable
Merchandise inventory
Other current assets
Total current assets
Property and equipment, net
Other non-current assets
Total assets
2010
2009
2010
2009
Aropostale
2011
2010
2009
American Eagle
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Gift card liability
Other current liabilities
Total current liabilities
Non-current liabilities:
Long-term debt
Other non-current liabilities
Total non-current liabilities
Stockholders' equity:
Common stock
Contributed capital
AOCI (loss)
Retained earnings
Treasury stock
Total stockholders' equity
Total liabilities and equity
Aropostale
2011
2010
2009
2011
2010
2009
2011
2010
2009
9.42%
2.31%
9.06%
20.78%
8.92%
2.18%
9.53%
20.63%
7.41%
1.84%
9.87%
19.13%
6.93%
1.56%
14.64%
23.14%
4.67%
1.60%
12.51%
18.78%
5.32%
1.76%
8.84%
15.92%
14.07%
3.79%
8.41%
26.28%
13.32%
3.58%
11.05%
27.95%
11.47%
3.10%
15.96%
30.52%
0.00%
6.59%
6.59%
0.00%
7.50%
7.50%
0.00%
7.05%
7.05%
1.90%
13.86%
15.76%
2.33%
14.61%
16.94%
2.52%
16.77%
19.30%
0.00%
18.03%
18.03%
0.00%
16.10%
16.10%
0.00%
14.64%
14.64%
0.13%
0.13%
0.12%
0.03%
0.04%
0.04%
0.12%
0.12%
0.17%
28.34% 29.07% 25.93% 12.11% 11.87% 12.03% 28.11% 25.27% 21.69%
1.47%
1.49%
0.79%
0.21%
-0.22%
-0.32%
-0.11%
-0.06%
-0.88%
90.81% 91.06% 82.50% 76.13% 77.25% 77.38% 62.47% 50.41% 116.47%
-48.11% -49.89% -35.51% -27.39% -24.66% -24.36% -34.90% -19.79% -82.61%
72.63% 71.87% 73.83% 61.10% 64.28% 64.78% 55.69% 55.95% 54.84%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
$700
70
60
$600
50
40
30
$500
20
10
$400
0
AEO
ANF
ARO
-10
$300
-20
-30
$200
-40
2009
$100
AEO
$AEO
ANF
2009
2010
ARO
2011
2010
2011
ANF
ARO
Current Ratio
Quick Ratio
3.50
3.50
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.00
1.00
0.50
0.50
0.00
0.00
AEO
2009
ANF
2010
2011
AEO
ARO
ANF
2009
Industry Average
2010
2011
ARO
Industry Average
Inventory Turnover
12.00
10.00
8.00
6.00
4.00
2.00
0.00
AEO
2009
ANF
2010
2011
ARO
Industry Average
10
Debt Ratio
Debt-to-Equity
2.00
1.40
1.20
1.50
1.00
0.80
1.00
0.60
0.40
0.50
0.20
0.00
0.00
AEO
2009
ANF
2010
2011
ARO
AEO
Industry Average
ANF
2009
2010
2011
ARO
Industry Average
ANF
2009
2010
ARO
2011
11
70.00%
12.00%
60.00%
10.00%
50.00%
8.00%
40.00%
6.00%
30.00%
4.00%
20.00%
2.00%
10.00%
0.00%
0.00%
AEO
2009
ANF
2010
2011
ARO
AEO
Industry Average
2009
ANF
2010
2011
ARO
Industry Average
Return on Equity
Return on Assets
35.00%
70.00%
30.00%
60.00%
25.00%
50.00%
20.00%
40.00%
15.00%
30.00%
10.00%
20.00%
5.00%
10.00%
0.00%
0.00%
AEO
2009
ANF
2010
2011
ARO
Industry Average
AEO
2009
ANF
2010
2011
ARO
Industry Average
12
40.00
$25.00
30.00
$20.00
$15.00
20.00
$10.00
10.00
$5.00
0.00
$AEO
ANF
2009
2010
ARO
AEO
2011
ANF
2009
Dividend Payout
2010
ARO
2011
Dividend Yield
100.00%
4.00%
80.00%
3.00%
60.00%
2.00%
40.00%
1.00%
20.00%
0.00%
0.00%
AEO
ANF
2009
2010
ARO
2011
AEO
ANF
2009
2010
ARO
2011
13
American Eagle
Aropostale
Efficient use of selling space, while
DO NOT BUY!
14
Today
15