Aeropostale Reports First Quarter Earnings Per Share Increase of 175.0%.Business Editors NEW YORK--(BUSINESS WIRE)--May 20, 2004 Aeropostale, Inc. (NYSE NYSE See: New York Stock Exchange :ARO) -- First Quarter Earnings Per Share Increases to $0.11 Versus $0.04 in Prior Year -- Increases Second Quarter Earnings Guidance to $0.11 Per Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. Share versus Previous Guidance of $0.07 Per Diluted Share Aeropostale, Inc. (NYSE:ARO), a mall-based specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer of active and casual apparel for the teen market, today reported results for the first quarter ended May 1, 2004. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter increased 49.4% to $167.7 million versus $112.2 million in the comparable period last year. First quarter comparable store sales increased 18.9%, compared to an increase of 1.8% in the year ago quarter. Net income for the first quarter increased 196.4% to $6.3 million, or $0.11 per diluted share, ahead of the company's most recent guidance. This compares to $2.1 million, or $0.04 per diluted share, in the comparable quarter in the prior year. Julian Julian or Julian the Apostate Latin Julianus Apostata orig. Flavius Claudius Julianus (born AD 331/332, Constantinople—died June 26/27, 363, Ctesiphon, Mesopotamia) Roman emperor (361–363), noted scholar and military leader. R. Geiger, Chairman and Chief Executive Officer, said, "These results, which once again exceeded expectations, represent an outstanding start to fiscal 2004. Our positive momentum continues and we are excited about our prospects for the remainder of the year." The Company today also raised its earnings guidance for the second quarter. The Company now expects to achieve high single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. comparable store sales and earnings per diluted share of $0.11 for the second quarter, versus its previous guidance of $0.07 per diluted share. The company had earnings per share of $0.05 per diluted share in the second quarter of last year. Mr. Geiger concluded, "Our success to date is directly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to our powerful brand, our compelling business model, our distinctive operating formula and our superior ability to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution . We are confident that Aeropostale will continue to achieve consistent, sustainable and profitable growth into the future and we remain committed to building on our unique position in the marketplace." The Company will be holding a conference call today at 4:15 P.M. to review its first quarter fiscal 2004 results. The broadcast will be available through the 'Investor Relations' link at www.aeropostale.com and at www.companyboardroom.com. To listen to the broadcast, your computer must have Windows Media Player Digital jukebox software for Windows from Microsoft that plays a variety of audio, video and streaming formats including MP3, WMA, CD audio and MIDI. Starting with Version 6.2 in 1999, the Windows Media Rights Manager was added for securing copyrighted content. installed. If you do not have Windows Media Player, go to the latter site prior to the call, where you can download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. the software for free. About Aeropostale, Inc. Aeropostale, Inc. (www.aeropostale.com) is a mall-based specialty retailer of casual apparel and accessories that 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 MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain in a high-energy high-energy adj. 1. Of or relating to elementary particles with energies exceeding hundreds of thousands of electron volts. 2. Yielding a large amount of energy upon undergoing chemical reaction. 3. Vigorous; dynamic. 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. The company currently operates 495 stores in 42 states. Special Note: Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended January January: see month. 31, 2004 filed with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.
EXHIBIT A
AEROPOSTALE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
May 1, January 31, May 3,
2004 2004 2003
--------------------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $104,069 $138,356 $81,087
Merchandise inventory 70,958 61,807 48,442
Other current assets 17,865 12,284 11,623
--------------------------------
Total current assets 192,892 212,447 141,152
FIXTURES, EQUIPMENT
AND IMPROVEMENTS -- Net 101,410 92,578 75,617
OTHER ASSETS 2,029 2,023 8,779
--------------------------------
TOTAL ASSETS $296,331 $307,048 $225,548
================================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $34,372 $30,477 $19,834
Accrued expenses 30,011 41,091 33,609
--------------------------------
Total current liabilities 64,383 71,568 53,443
OTHER LIABILITIES 55,721 49,787 39,829
COMMITMENT AND CONTINGENCIES
STOCKHOLDERS' EQUITY 176,227 185,693 132,276
--------------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 296,331 $ 307,048 $225,548
================================
EXHIBIT B
AEROPOSTALE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
SELECTED FINANCIAL DATA
(in thousands, except per share and store data)
13 weeks ended 13 weeks ended
May 1, 2004 May 3, 2003
----------------------------------
% of % of
Sales Sales
NET SALES $167,654 100.0% $112,211 100.0%
COST OF SALES including certain
buying, occupancy and warehousing
expenses 118,547 70.7 81,961 73.0
----------------------------------
GROSS PROFIT 49,107 29.3 30,250 27.0
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 39,105 23.3 26,967 24.0
----------------------------------
INCOME FROM OPERATIONS 10,002 6.0 3,283 2.9
INTEREST INCOME -- Net (259) (0.2) (181) (0.2)
----------------------------------
INCOME BEFORE INCOME TAXES 10,261 6.1 3,464 3.1
PROVISION FOR INCOME TAXES 4,000 2.4 1,352 1.2
----------------------------------
NET INCOME $6,261 3.7% $2,112 1.9%
========= =========
Basic net income per share $0.11 $0.04
========= =========
Diluted net income per share $0.11 $0.04
========= =========
Basic weighted average number of
shares outstanding(a) 55,820 53,133
Diluted weighted average number of
shares outstanding(a) 57,700 57,705
STORE DATA:
Comparable store sales 18.9% 1.8%
Stores open at end of period 489 387
Total gross square footage
at end of period 1,719,607 1,366,738
(a) as adjusted for 3-for-2 stock split effected April 26, 2004
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion