P.S. from Aeropostale to offer casual clothing & accessories for kids
Aeropostale Inc, a mall-based specialty retailer of casual apparel for young women and men, reported results for the fourth quarter, provided guidance for the first quarter of fiscal 2009 and announced the name of its new kids store concept.
Fourth Quarter Performance
Net income for the fourth quarter of fiscal 2008 increased 5% to a record $68.2 million, or $1.01 per diluted share, compared to net income of $64.7 million, or $0.95 per diluted share, in the fourth quarter of fiscal 2007.
Total net sales for the fourth quarter of fiscal 2008 increased 17% to $690.0 million, from $591.3 million for the fourth quarter of fiscal 2007. Same store sales for the fourth quarter increased 6%, compared to a same store sales increase of 9% in the year ago period.
Julian R. Geiger, Chairman and Chief Executive Officer, said, "We are extremely pleased with our record fourth quarter performance and our strong finish to fiscal 2008. The ongoing strength of our merchandise assortment, coupled with our powerful promotions, led to another record quarter and another record year. Throughout the year we have maintained strong brand momentum and we have executed consistently on our strategies to meet our corporate goals."
Full Fiscal Year Performance
Net income for fiscal 2008 increased 16% to a record $149.4 million or $2.21 per diluted share, compared to net income of $129.2 million or $1.73 per diluted share in fiscal 2007.
Total net sales for the fiscal year ended January 31, 2009 increased 19% to $1.886 billion, from $1.591 billion in the year ago period. Same store sales for fiscal 2008 increased 8%, compared to a same store sales increase of 3% in the year ago period.
First Quarter Guidance
The Company announced its earnings guidance for the first quarter of fiscal 2009. The Company expects earnings in the range of $0.22 to $0.24 per diluted share for the first quarter, which includes charges of approximately $3.0 million, or $0.03 per diluted share related to the closing of the Jimmy'Z concept. The Company expects to record additional costs related to the Jimmy'Z closing of approximately $2.0 million, or $0.02 per diluted share, in the second quarter of fiscal 2009.
Mr. Geiger concluded, "Moving into fiscal 2009, we are well positioned to continue building upon our significant accomplishments from last year. We are very pleased with the initial customer reaction to our spring merchandise assortment. We look forward to expanding the Aeropostale brand, both domestically and internationally, while also launching our new concept. We are very proud of the achievements we have made in our business, and we look forward to maximizing our opportunities in the coming year."
Launch of P.S. from Aeropostale
The Company also announced the name of its new kids store concept - "P.S. from Aeropostale". The new concept will offer casual clothing and accessories for kids ages 7 to 12. "P.S. from Aeropostale" will draw from the core competencies of Aeropostale by offering the customer trend-right merchandise at compelling values. The innovative store format will be a fun, playful and inviting shopping experience for both the child and parent. The first "P.S. from Aeropostale" store is planned to open in June 2009, with an online launch at www.ps4u.com shortly thereafter.