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Aeropostale delivers solid top line growth
25
May '10
Aeropostale Inc reported results for the first quarter of fiscal 2010, and provided guidance for the second quarter of fiscal 2010.

First Quarter Performance
Diluted net earnings per share for the first quarter of fiscal 2010 increased 55% to a record $0.48 per share, compared to $0.31 per share in the same period last year. Net income for the first quarter increased 43% to $45.4 million, compared to net income of $31.7 million last year.

For the first quarter of fiscal 2010, total net sales have increased 14% to $463.6 million, from $408.0 million in the year-ago period. Same store sales for the first quarter increased 8%, compared to a same store sales increase of 11% last year.

Co-Chief Executive Officers Mindy C. Meads and Thomas P. Johnson, said, "We are very pleased with our strong start to fiscal 2010. In the first quarter we delivered solid top line growth, improved profitability and achieved record earnings. The consistency and strength of our results truly underscore the on-going momentum in our brand, the power of our promotional specialty store model and the tremendous talent across our entire organization."

E-commerce
Total net sales from the Company's e-commerce business for the first quarter of fiscal 2010 increased 42% to $23.8 million, from $16.7 million in the year ago period.

Share Repurchase Program
During the first quarter of fiscal 2010, the Company repurchased approximately $36.7 million, or 1.3 million shares of common stock. The Company currently has $166.1 million of availability remaining under its share repurchase program.

Second Quarter Guidance
For the second quarter of fiscal 2010 the Company expects earnings in the range of $0.45 to $0.48 per diluted share, an increase of 18% to 26% compared to earnings of $0.38 per diluted share for the second quarter of 2009.

Co-Chief Executive Officers Mindy C. Meads and Thomas P. Johnson, commented, "We are extremely proud of our consistent ability to drive both comp and margin increases on top of a record performance last year. We are very well positioned as we head into the upcoming back to school season. We look forward to sustaining our strong momentum and building upon our successes for the remainder of the year."

Store Growth and Capital Spending
The company opened 7 Aeropostale and 7 P.S. from Aeropostale stores, and closed 4 Aeropostale stores during the quarter. For the first quarter the company incurred $14.7 million in capital expenditures. For full year fiscal 2010 the Company now plans to spend approximately $90.0 million in capital expenditures, which will include opening approximately 25 Aeropostale stores, including a Times Square location, opening approximately 30 P.S. from Aeropostale stores, and approximately 40 store remodels, in addition to certain information technology investments.

Aeropostale Inc is a mall-based, specialty retailer of casual apparel and accessories, principally targeting 14 to 17 year-old young women and men through its Aeropostale stores and 7 to 12 year-old kids through its P.S. from Aeropostale stores.

Aeropostale Inc

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