American Eagle Outfitters quietly underlined its growing Pittsburgh presence yesterday, holding the company's annual shareholders meeting at its new SouthSide Works headquarters.

Across the street, a second company building is under construction. Across the state, a bicycling tour that bears the retailer's name is heading this way.

A few investors showed up to check out the new digs and ask a few questions after the official gathering about the company's stock price, which has dropped from about $20 at the beginning of the year to around $15. The dip reflects the stock market's concern that American Eagle, like many other merchants, could be pinched further as consumers find their wallets getting thinner. The teen retailer reported a 40 percent earnings dip in the first quarter, which ended May 3.

Chief Executive Officer Jim O'Donnell told the audience that the economic environment has been challenging but said the need to clamp down on expenses wouldn't distract the retailer from investing in new store concepts as well as working to improve the American Eagle women's clothing business that has slowed recently.

In research earlier this year, Mr. O'Donnell said the company got the message that it needs to emphasize its value offering and not just on basic clothing items. "This fall we will offer fashion at a value," he promised. "We will be more on trend."

Despite slowing sales at established stores, new store openings will continue, too. He projected adding another 100 American Eagle locations this year.

The intimates chain of aerie stores, which started with a few tables in the American Eagle stores four years ago, should grow to 120 locations this year. Martin + Osa, a concept targeted toward an older audience, will have almost 30 locations by year-end while the new children's brand, 77kids, will launch online in October.

Meanwhile, shareholders re-elected three directors. Michael G. Jesselson, president of a New York private investment company; Roger S. Markfield, a former vice chairman of the company; and Chairman Jay L. Schottenstein were approved for terms that expire in 2011.