Casual apparel retailer Aeropostale's Q3 net income up
30 Nov '06
2 min read
Aeropostale Inc reported results for the third quarter ended October 28, 2006.
Net income for the third quarter of fiscal 2006 increased 24.9% to $32.6 million, or $0.61 per diluted share, versus net income of $26.1 million, or $0.47 per diluted share, in the third quarter of fiscal 2005.
The results for the third quarter included a $0.01 per diluted share charge related to the expensing of stock options. In addition, results included net losses from the Company's Jimmy'Z subsidiary of ($0.03) per diluted share for both the third quarter of fiscal 2006 and the third quarter of fiscal 2005.
For the third quarter of fiscal 2006, total net sales increased 18.7% to $385.5 million, from $324.7 million in the year-ago period. Comparable store sales for the third quarter increased 5.6%, versus a comparable store sales decrease of 1.5% last year.
Julian R. Geiger, Chairman and Chief Executive Officer said, “Our overall results for the third quarter exceeded our initial expectations and are a result of broad-based improvements in our business.
During the quarter, we experienced solid sales and margin growth in classifications which will continue to drive our business for the remainder of the year. We remain optimistic about our opportunities as we enter the key holiday selling season.”
The Company announced its earnings guidance for the fourth quarter of fiscal 2006. The Company believes it will achieve earnings in the range of $0.89 - $0.91 per diluted share, including the $0.01 per diluted share charge related to the expensing of stock options.
This guidance compares to earnings of $0.76 per diluted share in the fourth quarter last year, an increase of approximately 18% - 20%. The Company also noted that this is in line with previously provided expectations for annual earnings per share growth of approximately 20% in fiscal 2006.
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