Aeropostale Inc reported results for the third quarter ended November 3, 2007.
Julian R. Geiger, Chairman and Chief Executive Officer, said, "We are very pleased with our results for the quarter, which exceeded expectations. During the quarter we were able to drive consistent comparable store sales increases, while continuing to improve our gross margins over last year. We also ended the quarter with well controlled inventories."
Net income for the third quarter of fiscal 2007 was $36.0 million, or $0.48 per diluted share, compared to net income of $32.6 million, or $0.41 per diluted share, in the third quarter of fiscal 2006.
For the third quarter of fiscal 2007, total net sales increased 7.0% to $412.6 million, from $385.5 million in the third quarter of fiscal 2006. For the third quarter, same store sales increased 1.9% compared to the corresponding period ended November 4, 2006. Year-to-date, total net sales increased 10.3% to $999.6 million, from $906.4 million in the year-ago period. Year-to-date, same store sales increased 0.1% compared to the corresponding period ended November 4, 2006.
In addition to the Company's accelerated share repurchase program, which the Company announced on November 13, 2007, the Company also repurchased approximately $125.1 million, or 6.3 million shares of common stock during the third quarter of fiscal 2007.
Fourth Quarter Guidance: The Company also announced its earnings guidance for the fourth quarter of fiscal 2007. The Company believes it will achieve fourth quarter earnings in the range $0.82 to $0.84 per diluted share, including an approximate $0.08 positive impact from the accelerated share repurchase of $125.0 million, in addition to the share repurchases of $125.1 million, or 6.3 million shares made in the third quarter of fiscal 2007.