American Eagle Outfitters (AEO) Announces $30M Share Buyback

American Eagle Outfitters, Inc. (NYSE: AEO) today announced that its Board of Directors has authorized 30 million shares of AEO’s common stock for repurchase through February 3, 2029. This will replace the existing authorization, which is due to expire on February 3, 2024. AEO repurchased approximately one million shares in fiscal year 2023.

“Reflecting improved financial performance and a healthy balance sheet, I am pleased to announce a new share repurchase program for the company. This follows a 25% increase in our quarterly cash dividend, announced in December, underscoring confidence in the strength of our business and our commitment to returning cash to shareholders,” Jay Schottenstein, AEO’s Executive Chairman of the Board and Chief Executive Officer.

AEO may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic, and market conditions, corporate, legal, and regulatory requirements, prevailing stock prices, trading volume, and other considerations. The share repurchase program may be suspended or discontinued at any time, and does not obligate AEO to acquire any amount of common stock. AEO expects to utilize its existing cash and cash equivalents to fund repurchases under the share repurchase program.

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