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Aeropostale will invest $66 mn for store growth plans

09
Mar '12
Aeropostale Inc. a mall-based specialty retailer of casual apparel for young women and men, reported results for the fourth quarter and fiscal 2011, and provided guidance for the first quarter of fiscal 2012.
Thomas P. Johnson, Chief Executive Officer, commented, "I am very proud of the speed, diligence and tenacity of our entire team in addressing our business challenges. We worked swiftly and strategically throughout the year to infuse newness into our merchandise assortment and evolve the projection of our fashion message. While our overall financial performance for the year was disappointing, we believe 2011 was a pivotal inflection point for our organization."

For the fourth quarter of fiscal 2011, net sales decreased 4% to $808.4 million, from $839.3 million in the year ago period. Same store sales for the fourth quarter decreased 9%, compared to a same store sales decrease of 3% last year.

Net income for the fourth quarter of fiscal 2011 was $26.1 million, or $0.32 per diluted share, which included an after-tax charge of $9.5 million, or $0.12 per diluted share, resulting from store asset impairment charges. The Company reported net income of $83.8 million, or $0.95 per diluted share for the fourth quarter last year.

Excluding the store asset impairment charges, the Company reported adjusted net income of $35.6 million, and adjusted earnings of $0.44 per diluted share. This compares to the Company's previously issued guidance of $0.35 to $0.38 per diluted share, which did not include the aforementioned charges.

Net sales for fiscal 2011 decreased 2% to $2.342 billion, from $2.400 billion in the year ago period. Same store sales for fiscal 2011 decreased 9%, compared to a same store sales increase of 1% last year.
Net income for fiscal 2011 was $69.5 million, or $0.85 per diluted share. Results for fiscal 2011 included the following items:

• Store asset impairment charges of $9.1 million after tax, or $0.11 per diluted share (as calculated by the Company's annual effective tax rate), 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 merchandise vendors, surrounding prior period allowances in the second quarter of fiscal 2011.

Excluding these items, adjusted net income for fiscal 2011 was $73.3 million, and adjusted earnings were $0.90 per diluted share.

The Company reported net income of $231.3 million, or $2.49 per diluted share in the same period last year, which included an after tax charge of $3.8 million, or $0.04 per diluted share, resulting from a retirement plan charge.

Net revenues from the Company's e-commerce business for the fourth quarter of fiscal 2011 increased 8% to $83.2 million, from $77.3 million in the year ago period. Net revenues from the Company's e-commerce business for fiscal 2011 increased 14% to $182.1 million, from $160.2 million in the year ago period.


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