US: Aeropostale Q3 profit up on rising sales, margins
- Net income rose 4.1% to $24.95m
- Sales increased 2% to $605.9m
- Comparable sales declined 1%
US clothing retailer Aeropostale said third quarter earnings were slightly ahead of guidance as sales rose and margins improved.
The company recorded a 4.1% rise in net income to reach US$24.95m over the quarter ended 27 October, up from $24.1m in the same period last year.
Net sales increased 2% to $605.9m, from $596.5m the year before. Comparable sales declined 1% over the period, against a 7% decline recorded last year.
Gross margin improved to 27.9% of sales from 27.1% last year.
"For the third quarter, we achieved net earnings slightly ahead of our previously issued guidance," said CEO Thomas Johnson.
"Although we experienced pressure on our women's core basics business, she responded positively to our fashion offering. In addition, our men's and accessories businesses performed well."
Teen apparel retailer Aeropostale has swung to a second-quarter loss, after it was forced to increase promotions to clear inventory due to unseasonably cool weather....
Aeropostale has failed in a bid to dismiss a lawsuit accusing the US retailer of defrauding shareholders in 2011 by hiding problems with excess inventory and weak sales, which hit its share price....
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....
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