Aeropostale Adjusts Guidance for Third and Fourth Quarters; Current Retailing Environment Prompts Increased Promotional Activity.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 30, 2002

3Q02 EPS Expected to be $0.31 to $0.33

and 4Q02 EPS Guidance Now $0.30 to $0.34

Aeropostale, Inc. (NYSE: ARO), a fast-growing, mall-based specialty retailer of active and casual apparel for the teen market, today announced that primarily because of a drop in mall traffic and reduced customer activity beginning in mid-September, the Company has revised earnings guidance for the third and fourth quarters of fiscal 2002.

The Company believes this drop in mall traffic is likely to continue and now expects a mid teens decline for October comparable store sales. The slowdown in customer activity has prompted the Company to increase promotional activity to stimulate sales and reduce inventory levels. As a result, the Company is anticipating reduced gross margins.

Julian R. Geiger, Chief Executive Officer of Aeropostale, Inc. "We began the early back to school season with a strong sales trend and posted good results in August and early September despite challenging year-ago comparisons. In mid September, however, we began to experience a significant reduction in our sales activity versus our business plan. Our mens' business is performing significantly below our planned expectations and our womens' business, while stronger, has also experienced a recent slowdown versus our projected sales trend. As a result, we believe it is necessary to revise our guidance for the remainder of the fiscal year."

With respect to the third quarter ended November 2, 2002, the Company now believes it is likely to report fully-diluted earnings per share in the range of $0.31 to $0.33. Fully-diluted earnings per share for the fourth quarter ended February 1, 2003 are now expected to be in the range of $0.30 to $0.34.

Mr. Geiger continued, "We are disappointed that the retail environment has slowed and affected our customers' spending, however, we are confident we can achieve appropriate inventory levels and position the business for improved profitability."

The Company will hold a conference call to discuss this announcement Tuesday, October 1, at 8:30 am EST. While the question and answer session of the call will be limited to analysts and investors, retail brokers and individual investors are invited to attend a live webcast. The broadcast will be available through the `Investors Relations' link at www.aeropostale.com and at www.companyboardroom.com. To listen to the broadcast, your computer must have Windows Media Player installed. If you do not have Windows Media Player, go to the latter site prior to the call, where you can download the software for free. For those interested parties without Internet access, there will also be a listen-only phone line available. U.S callers, please dial [phone] to listen. International callers, please dial [phone] to listen.

About Aeropostale, Inc.

Aeropostale, Inc. is a mall-based specialty retailer of casual apparel and accessories hat targets both young women and young men aged 11 to 20. The Company provides customers with a selection of high-quality, active-oriented, fashion basic merchandise in a high-energy store environment. The Company maintains complete control over the proprietary brand by designing and sourcing all of its own merchandise. Aeropostale products can be purchased only in its stores, which sell Aeropostale merchandise exclusively.

The first Aeropostale store was opened in 1987. As of September 30, 2002, the Company operated 357 stores in 35 states.

Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the Company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements. These factors include the Company's ability to implement its growth strategy successfully, changes in consumer fashion preferences, economic and other conditions in the markets in which we operate, competition, seasonality and the other risks discussed in the Company's prospectus dated May 16, 2002 filed with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.