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Aeropostale Chief disappointed with current performance
May '11
Aeropostale Inc, a mall-based specialty retailer of casual apparel for young women and men, reported results for the first quarter of fiscal 2011, and provided guidance for the second quarter of fiscal 2011.

First Quarter Performance

Diluted net earnings per share for the first quarter of fiscal 2011 decreased 58% to $0.20 per share, compared to $0.48 per share in the same period last year. Net income for the first quarter decreased 64% to $16.4 million, compared to net income of $45.4 million last year.

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.


Total net sales from the Company's e-commerce business for the first quarter of fiscal 2011 increased 18% to $28.2 million, from $23.8 million in the year ago period.

Cash Positioning and Share Repurchase Program

The Company ended the quarter with cash and cash equivalents of $139.1 million, and no debt. During the first quarter of fiscal 2011, the Company repurchased approximately $100.1 million, or 4.2 million shares of common stock. The Company currently has $145.2 million of availability remaining under its share repurchase program.

Store Growth and Capital Spending

The company opened nine Aeropostale and seven P.S. from Aeropostale stores, and closed one Aeropostale store during the quarter. For the first quarter the company incurred $25.4 million in capital expenditures.

Second Quarter Guidance

For the second quarter of fiscal 2011, the Company expects earnings in the range of $0.11 to $0.16 per share. Based on current business trends and uncertainty surrounding the retail environment in the back-half of the year, the Company is not reiterating or providing an update to its previously issued full year guidance at this time. Moving forward, the Company expects to provide quarterly guidance.

Thomas P. Johnson, Chief Executive Officer, commented, "Our outlook for the second quarter reflects our plans to aggressively clear through spring inventories to position ourselves appropriately for the important back to school selling season. While we are disappointed with our current performance, we are confident that our entire organization is focused on the right initiatives to regain market share. Our goals for the remainder of the year remain very clear - regain balance and clarity in our merchandise assortments, mitigate industry wide cost increases, and manage our cost structure conservatively and carefully."

Aeropostale Inc

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