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Marginal fall in Aeropostale FY'13 revenue
15
Mar '13
Aeropostale, Inc., a mall-based specialty retailer of casual apparel for young women and men, reported results for the fourth quarter of 2012 (the fourth quarter of fiscal 2012 consisted of 14 weeks compared to the fourth quarter of fiscal 2011, which consisted of 13 weeks) and fiscal 2012 (fiscal 2012 consisted of 53 weeks compared to fiscal 2011, which consisted of 52 weeks).  The Company also provided guidance for the first quarter of fiscal 2013.

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


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