Within SG&A was $3.6 million (0.7 percent as a percent to sales) of stock option expense that was not included last year.
Operating income for the quarter increased to $98.8 million from $87.5 million last year. Operating income as a percent to sales was 18.9 percent compared to 19.2 percent last year.
Other income for the first quarter was $7.5 million compared to $3.0 million last year.
Growth Strategies Advance
The company made progress in several of its key growth strategies during the quarter, including the following developments:
-- Continuing the company's real estate strategy, total retail square footage is on track to increase 7 percent for the year. During the first quarter, American Eagle opened 11 new stores, remodeled 14 stores and closed 4 underperforming locations.
-- The company's new intimates sub-brand, "aerie by American Eagle," will launch this fall, supported by a multi-dimensional real estate strategy.
New and remodeled stores will open with more square footage dedicated to intimates, and the intimates presentation in existing stores will be expanded. Three stand-alone aerie locations will also open. Additionally, the assortment will expand to include a complete line of bras, undies and AE dormwear.
-- Plans are underway for the opening of the first four stores of the company's second major U.S. brand, MARTIN + OSA, targeting 25-40 year olds. The new brand will launch this fall in premier shopping centers at Tysons Corner Center in Virginia, Fashion Island in Los Angeles, NorthPark Center in Dallas and San Francisco Center.
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