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Stock impact report

American Eagle Outfitters says it has enough cash to last beyond fiscal 2020 [MarketWatch]

American Eagle Outfitters, Inc. (AEO) 
Last american eagle outfitters, inc. earnings: 3/4 04:01 pm Check Earnings Report
Company Research Source: MarketWatch
American Eagle Outfitters Inc. said in a filing that it has the liquidity to sustain the company beyond fiscal 2020 even with stores closed due to COVID-19 since March 17. American Eagle has drawn down $330 million of its $400 million revolving credit facility, and has about $490 million in cash and cash equivalents on hand. Capital expenditures have been cut by $100 million, there have been cuts to inventory and the share repurchase plan is suspended. First quarter dividend payments have been deferred. And the apparel retailer has furloughed store, field and corporate workers since April 5. Digital business, which totaled 29% of revenue in 2019, has accelerated, and the company will launch curbside pickup on April 27. However, American Eagle generates most of its revenue from stores and it has withdrawn its 2020 outlook due to uncertainty from the epidemic. American Eagle stock dropped 5.3% in Wednesday premarket trading, and has plummeted 62.5% over the last year. The S&P 500 index Show less Read more
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