Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Online sales grew 4% in the fourth quarter for American Eagle.
Apparel retailer American Eagle Outfitters saw mixed results in fiscal 2010. American Eagle operates AE.com, aerie.com and 77kids.com.
For the full year ended Jan. 29, American Eagle, No. 51 in the Internet Retailer Top 500 Guide, reported:
- E-commerce sales stayed flat at $344 million.
- Total sales grew year over year 1% to $2.97 billion from $2.94 billion.
- Comparable-store sales decreased 1% compared with a 4% decrease in comparable-store sales in fiscal 2009.
- Net income declined about 16.8% to $140.65 million from $169.02 million in fiscal 2009.
Internet Retailer calculates that the web made up 11.6% of revenue in 2010, compared with 11.7% in 2009.
“As we look to 2011, we are moving forward with growth initiatives across our brands,” says Jim O'Donnell, CEO. “Although we face external headwinds, including rising product costs, we expect to make further progress in positioning American Eagle Outfitters for long-term profitable growth.”
For the fourth quarter, American Eagle reported:
- E-commerce sales increased 4%; the company did not break out specific figures.
- Total sales decreased 4.2% to $916.09 million from $955.78 million in the same quarter of 2009.
- Comparable-store sales decreased 7%, compared with a 5% increase in the prior year quarter.
- Net income grew 47% to $87.04 million from $59.32 million in the fourth quarter of 2009.
American Eagle also announced that O’Donnell will be retiring. O’Donnell will continue as CEO until a successor has been named. He joined American Eagle as chief operating officer in 2000 and was named CEO in 2003.