US: Aeropostale books "disappointing" Q4 and FY
- FY profit more than halved to $34.9m from $69.5m
- Net sales rose 2% to $2.39bn from $2.34bn
- Comparable sales decreased 2%
Casual apparel retailer Aeropostale Inc has ended the year with "disappointing" fourth-quarter and full-year results, after being hit by impairment charges and falling same-store sales.
The retailer also posted weak first-quarter guidance, blaming "margin pressures from Holiday carryover inventory, and the impact of a weak macroeconomic environment," for an expected loss of $0.15 to $0.20 per share. This compares with earnings of $0.13 per share the year before.
The New York based company swung to a fourth quarter net loss of $0.7m, compared with a profit of $26.1m in the prior year. Excluding $19.7m in store asset impairment charges, adjusted net income was $19.1m.
Quarterly sales slipped 1% to $797.7m from $808.4m, with comparable sales falling 8%.
"We made progress during 2012 against our strategic initiatives," said CEO Thomas Johnson. "We added new talent to our team, injected more relevant fashion into our assortments, and developed our next generation store model.
"Further, we continued to build positive momentum in our PS business, extended our global reach by opening in new markets, and grew our e-commerce business, which included the successful acquisition of GoJane.com.
"While we have not reached the level and consistency in our performance for which we strive, we are committed to evolving and transforming our product to position ourselves as a true lifestyle brand."
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Aeropostale has said the teen clothing retailer expects to post a third quarter loss and close more stores than originally forecast, after high promotional activity weighed on second quarter sales and...
US teen clothing retailer Aeropostale has lowered its second quarter expectations after worse than expected sales over the period. ...
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