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CEO of Aeropostale displays dissatisfaction with Q1sales
06 May '11
2 min read
Aeropostale Inc, a mall-based specialty retailer of casual apparel for young women and men, announced updated expectations for the first quarter.
For the first quarter of fiscal 2011 net sales increased 1% to $469.2 million, from $463.6 million in the year ago period. Same store sales for the first quarter decreased 7%, compared to a same store sales increase of 8% last year.
Thomas P. Johnson, Chief Executive Officer, commented, "Clearly we are not satisfied with our sales and margin performance for the first quarter. We were more promotional than anticipated on our spring assortment and clearance merchandise. Additionally, our core customers continue to be pressured by challenging macroeconomic conditions while, at the same time, the teen retail sector remains intensely promotional.
“As we move forward through the year, our entire management team is keenly focused on our key initiatives: regaining the balance and clarity of our merchandise assortment, managing our cost structure, and leveraging our strong financial position. We remain very confident in our business model, in the ability and determination of our organization, and in the strength and positioning of our brand."
Based on the lower than expected sales and margins for the quarter the Company now expects first quarter earnings of approximately $0.20 per diluted share, versus its previously issued guidance in the range of $0.35 - $0.38 per share.
For the first quarter of fiscal 2011 net sales increased 1% to $469.2 million, from $463.6 million in the year ago period. Same store sales for the first quarter decreased 7%, compared to a same store sales increase of 8% last year.
Thomas P. Johnson, Chief Executive Officer, commented, "Clearly we are not satisfied with our sales and margin performance for the first quarter. We were more promotional than anticipated on our spring assortment and clearance merchandise. Additionally, our core customers continue to be pressured by challenging macroeconomic conditions while, at the same time, the teen retail sector remains intensely promotional.
“As we move forward through the year, our entire management team is keenly focused on our key initiatives: regaining the balance and clarity of our merchandise assortment, managing our cost structure, and leveraging our strong financial position. We remain very confident in our business model, in the ability and determination of our organization, and in the strength and positioning of our brand."
Based on the lower than expected sales and margins for the quarter the Company now expects first quarter earnings of approximately $0.20 per diluted share, versus its previously issued guidance in the range of $0.35 - $0.38 per share.
Aeropostale Inc
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