Fourth Quarter Performance
For the fourth quarter of fiscal 2012, net sales decreased 1% to $797.7 million, from $808.4 million in the year ago period. Fourth quarter comparable sales, including the e-commerce channel, decreased 8% compared to a 7% decrease for the corresponding 14-week period of the prior year. Fourth quarter comparable store sales, excluding the e-commerce channel, decreased 9%, compared to a decrease of 9% for the corresponding 14-week period of the prior year.
The Company reported a net loss for the fourth quarter of fiscal 2012 of $0.7 million, or $0.01 per diluted share, which included an after-tax charge of $19.7 million, or $0.25 per diluted share, resulting from store asset impairment charges. The Company reported net income of $26.1 million, or $0.32 per diluted share, for the fourth quarter of 2011, which included an after-tax charge of $9.5 million, or $0.12 per diluted share, resulting from store asset impairment charges.
Excluding the aforementioned store asset impairment charges, the Company reported adjusted net income of $19.1 million and adjusted earnings of $0.24 per diluted share in the fourth quarter of 2012. This compares to the Company's previously issued guidance of $0.20 to $0.24 per diluted share, which did not include the aforementioned charges. Also excluding store asset impairment charges, the Company reported adjusted net income of $35.6 million, or $0.44 per diluted share, for the fourth quarter of the prior year.
Full Fiscal Year Performance
Net sales for fiscal 2012 increased 2% to $2.386 billion, from $2.342 billion in the year ago period. Fiscal 2012 comparable sales, including the e-commerce channel, decreased 2% compared to an 8% decrease for the comparable 53-week period of the prior year.
Fiscal 2012 comparable store sales, excluding the e-commerce channel, decreased 4%, compared to a decrease of 9% for the comparable 53-week period of the prior year.
Net income for fiscal 2012 was $34.9 million, or $0.43 per diluted share, which included an after-tax charge of $19.7 million, or $0.25 per diluted share, resulting from store asset impairment charges.
Net income for fiscal 2011 was $69.5 million, or $0.85 per diluted share, which included the following items:
Store asset impairment charges of $9.1 million after tax, or $0.11 per diluted, recorded during the fourth quarter of fiscal 2011, partially offset by
A benefit of $5.3 million after tax, or $0.06 per diluted share, from the previously disclosed resolution of a dispute with one of the Company's sourcing agents related to prior period allowances in the second quarter of fiscal 2011.
Aeropostale