Apparel retailer Aeropostale Q3 sales soar 18.2%

18 Nov '05

3 min read

Mall-based specialty retailer of active and casual apparel for the teen market, Aeropostale Inc reported results for the third quarter ended October 29, 2005.

Net income for the third quarter of fiscal 2005 was $26.1 million or $0.47 per diluted share versus net income of $31.7 million or $0.55 per diluted share in the third quarter of last year.

Net sales for the third quarter of fiscal 2005 increased 18.2 percent to $324.7 million versus net sales of $274.6 million in the third quarter of last year.

Comparable store sales for the third quarter decreased 1.5 percent versus an increase of 5.4 percent last year.

Julian R. Geiger, Chairman and Chief Executive Officer said, "They are clearly disappointed with their results for the third quarter and are not satisfied with their recent performance.

They remain focused on working through their current excess inventory and on positioning theirselves appropriately for the holiday selling season.

They have also made a number of significant changes to their merchandising and planning practices, which they believe will reposition Aeropostale back to its historical levels of performance.

They continue to believe that Aeropostale has strong brand identity and significant future growth opportunities."

The company announced that its board of directors approved an increase in its common stock repurchase program to acquire an additional $50.0 million of its outstanding common stock.

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