US: Aeropostale sees Q4 profits dip
- Q4 net income decreases around 13%
- Net sales increase 5% to US$839.3m
- Same-store sales decreased 3%
US mall-based apparel retailer Aeropostale has posted lower fourth quarter profits, despite sales growth during the period.
For the full-year period, the company's net earnings rose to $231.3m, from $229.4m in fiscal 2009.
The company said that net sales for fiscal 2010 increased 8% to $2.400bn, while same-store sales rose 1%.
Thomas P Johnson, CEO of Aeropostale, said: "In 2010 the Aeropostale brand continued to build momentum and popularity, we opened our flagship Times Square store, and we continued the roll-out of our children's concept 'P.S. from Aeropostale.' While we are proud of our many accomplishments, our performance in the back-half was below our expectations.
"The teen retail environment was highly promotional and we believe that we did not execute to our full potential. Moving into 2011, we recognise our opportunities and are more determined than ever to show the power of the Aeropostale brand."
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