-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Op4XbNUGfIBbqu7nCT/NoEjNNaME8xmFokku8nsREWqkCdVwV7BYoji40qq01QGe a9f+z+yXyze3W1zUDVLOqA== 0000950123-05-010108.txt : 20050818 0000950123-05-010108.hdr.sgml : 20050818 20050818161636 ACCESSION NUMBER: 0000950123-05-010108 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050818 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050818 DATE AS OF CHANGE: 20050818 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEROPOSTALE INC CENTRAL INDEX KEY: 0001168213 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 311443880 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31314 FILM NUMBER: 051036116 BUSINESS ADDRESS: STREET 1: 1371 BROADWAY STREET 2: 8TH FL. CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 2126464885 MAIL ADDRESS: STREET 1: 1371 BROADWAY STREET 2: 8TH FL. CITY: NEW YORK STATE: NY ZIP: 10018 8-K 1 y12122be8vk.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 18, 2005 AEROPOSTALE, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 001-31314 31-1443880 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.)
112 WEST 34TH STREET, 22ND FLOOR, NEW YORK, NEW YORK 10120 (Address of Principal Executive Offices, including Zip Code) (646) 485-5398 (Registrant's Telephone Number, Including Area Code) NOT APPLICABLE (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) ITEM 7.01 REGULATION FD DISCLOSURE. On August 18, 2005 Aeropostale, Inc. issued a press release announcing their second quarter 2005 earnings results. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. C) Exhibits 99.1 Press release, dated August 18, 2005, announcing second quarter 2005 earnings results. SIGNATURES According to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Aeropostale, Inc. /s/ Michael J. Cunningham -------------------------- Michael J. Cunningham Executive Vice President - Chief Financial Officer Dated: August 18, 2005 EX-99.1 2 y12122bexv99w1.txt PRESS RELEASE EXHIBIT 99.1 AEROPOSTALE REPORTS SECOND QUARTER RESULTS NEW YORK, NEW YORK, AUGUST 18, 2005 --- Aeropostale, Inc. (NYSE: ARO), a mall-based specialty retailer of active and casual apparel for the teen market, today reported results for the second quarter ended July 30, 2005. Net income for the second quarter of fiscal 2005 was $7.5 million or $0.13 per diluted share versus net income of $10.9 million or $0.19 per diluted share in the second quarter of last year. Net sales for the second quarter of fiscal 2005 increased 19.5% to $232.8 million versus net sales of $194.9 million in the second quarter of last year. Comparable store sales for the second quarter decreased 2.2% versus an increase of 20.0% last year. Julian R. Geiger, Chairman and Chief Executive Officer said, "We are clearly disappointed with our performance for the second quarter. While we were able to manage our expenses carefully, our sales and gross margins in certain key classifications were significantly below our plan. As a result of this shortfall, our inventories at the end of the second quarter were higher than we initially anticipated." THIRD AND FOURTH QUARTER GUIDANCE: The company announced its earnings guidance for the third and fourth quarters of fiscal 2005. The company noted that it expects to achieve third quarter earnings in the range of $0.50 - $0.53 per diluted share and fourth quarter earnings in the range of $0.67 - $0.70 per diluted share. The company also noted it expects to achieve a low-single digit comparable store sales increase in the both the third and fourth quarters of fiscal 2005. Mr. Geiger, concluded, "Our objective during the third quarter will be to maximize earnings and return to normalized inventory levels. Accordingly, we have revised our third and fourth quarter guidance reflecting increased promotional activity." CONFERENCE CALL INFORMATION: The Company will be holding a conference call today at 4:15 P.M. to review its fiscal 2005 second quarter results. The broadcast will be available through the `Investor Relations' link at www.aeropostale.com and at www.fulldisclosure.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. ABOUT AEROPOSTALE, INC. Aeropostale, Inc. is a mall-based, specialty retailer of casual apparel and accessories, principally targeting 11 to 18 year-old young women and men. The company provides customers with a focused selection of high-quality, active-oriented, fashion basic merchandise at compelling values. Aeropostale maintains control over its proprietary brands by designing, marketing and selling all of its own merchandise. Aeropostale products are currently purchased only in its stores, on-line thorough its website (www.aeropostale.com) or at organized sales events at college campuses. ABOUT JIMMY'Z: Jimmy'Z, a wholly owned subsidiary of Aeropostale, Inc., is a California lifestyle-oriented brand targeting fashion-aware young women and men ages 18 to 25. Jimmy'Z offers customers trend-right apparel in an innovative and unique store environment. The first Aeropostale store was opened in 1987. The company currently operates 629 Aeropostale stores in 47 states and 6 Jimmy'Z stores in 6 states. SPECIAL NOTE: THIS PRESS RELEASE AND ORAL STATEMENTS MADE FROM TIME TO TIME BY REPRESENTATIVES OF THE COMPANY CONTAIN CERTAIN "FORWARD-LOOKING STATEMENTS" CONCERNING EXPECTATIONS FOR SALES, STORE OPENINGS, GROSS MARGINS, EXPENSES, STRATEGIC DIRECTION AND EARNINGS. ACTUAL RESULTS MIGHT DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. AMONG THE FACTORS THAT COULD CAUSE ACTUAL RESULTS TO MATERIALLY DIFFER INCLUDE, AMONG OTHERS, CHANGES IN THE COMPETITIVE MARKETPLACE, INCLUDING THE INTRODUCTION OF NEW PRODUCTS OR PRICING CHANGES BY OUR COMPETITORS, CHANGES IN THE ECONOMY AND OTHER EVENTS LEADING TO A REDUCTION IN DISCRETIONARY CONSUMER SPENDING; SEASONALITY; RISKS ASSOCIATED WITH CHANGES IN SOCIAL, POLITICAL, ECONOMIC AND OTHER CONDITIONS AND THE POSSIBLE ADVERSE IMPACT OF CHANGES IN IMPORT RESTRICTIONS; RISKS ASSOCIATED WITH UNCERTAINTY RELATING TO THE COMPANY'S ABILITY TO IMPLEMENT ITS GROWTH STRATEGIES, AS WELL AS THE OTHER RISK FACTORS SET FORTH IN THE COMPANY'S FORM 10-K AND CURRENT REPORTS ON FORM 8-K, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS TO REFLECT SUBSEQUENT EVENTS OR CIRCUMSTANCES. EXHIBIT A AEROPOSTALE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
JULY 30, JANUARY 29, JULY 31, 2005 2005 2004 -------- -------- -------- ASSETS Current Assets: Cash and cash equivalents .............. $127,940 $106,128 $ 67,411 Short-term investments ................. 14,031 76,224 29,891 Merchandise inventory .................. 162,726 81,238 99,215 Other current assets ................... 27,328 15,897 36,904 -------- -------- -------- Total current assets ................ 332,025 279,487 233,421 Fixtures, equipment and improvements, net 144,509 122,651 111,482 Other assets ............................. 4,459 3,681 3,440 -------- -------- -------- TOTAL ASSETS ............................. $480,993 $405,819 $348,343 ======== ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable ....................... $108,178 $ 44,858 $ 59,350 Accrued expenses ....................... 39,649 52,136 35,875 -------- -------- -------- Total current liabilities ........... 147,827 96,994 95,225 Other non-current liabilities ............ 83,745 70,574 60,940 Stockholders' equity ..................... 249,421 238,251 192,178 -------- -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $480,993 $405,819 $348,343 ======== ======== ========
EXHIBIT B AEROPOSTALE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SELECTED STORE DATA (IN THOUSANDS, EXCEPT PER SHARE AND STORE DATA)
13 WEEKS ENDED -------------- JULY 30, 2005 JULY 31, 2004 % OF SALES % OF SALES ---------- ---------- Net sales ............................................ $ 232,770 100.0% $194,852 100.0% Cost of sales (including certain buying, occupancy and warehousing expenses) ................................ 170,743 73.4 135,366 69.5 ----------- ----- -------- ----- Gross profit ......................................... 62,027 26.6 59,486 30.5 Selling, general and administrative expenses ......... 50,607 21.7 41,925 21.5 ----------- ----- -------- ----- Income from operations ............................... 11,420 4.9 17,561 9.0 Interest income, net ................................. 796 0.3 201 0.1 ----------- ----- -------- ----- Income before income taxes ........................... 12,216 5.2 17,762 9.1 Income taxes ......................................... 4,767 2.0 6,865 3.5 ----------- ----- -------- ----- Net income ........................................... $ 7,449 3.2% $ 10,897 5.6% =========== ===== ======== ===== Basic earnings per share ............................. $ 0.13 $ 0.20 =========== ======= Diluted earnings per share ........................... $ 0.13 $ 0.19 =========== ======= Weighted average basic shares ........................ 55,408 55,663 Weighted average diluted shares ...................... 56,367 57,287 STORE DATA: Comparable store sales increase (decrease) ........... (2.2)% 20.0% Stores open at end of period ......................... 634 521 Total gross square footage at end of period .......... 2,241,787 1,832,060
EXHIBIT C AEROPOSTALE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SELECTED STORE DATA (IN THOUSANDS, EXCEPT PER SHARE AND STORE DATA)
26 WEEKS ENDED -------------- JULY 30, 2005 JULY 31, 2004 % OF SALES % OF SALES ---------- ---------- Net sales ............................................ $444,444 100.0% $362,506 100.0% Cost of sales (including certain buying, occupancy and warehousing expenses) ............................ 322,646 72.6 253,913 70.0 -------- ----- -------- ----- Gross profit ......................................... 121,798 27.4 108,593 30.0 Selling, general and administrative expenses ......... 97,044 21.8 81,030 22.4 -------- ----- -------- ----- Income from operations ............................... 24,754 5.6 27,563 7.6 Interest income, net ................................. 1,581 0.4 460 0.1 -------- ----- -------- ----- Income before income taxes ........................... 26,335 5.9 28,023 7.7 Income taxes ......................................... 10,272 2.3 10,865 3.0 -------- ----- -------- ----- Net income ........................................... $ 16,063 3.6% $ 17,158 4.7% ======== ===== ======== ===== Basic earnings per share $ 0.29 $ 0.31 ======== ======== Diluted earnings per share $ 0.28 $ 0.30 ======== ======== Weighted average basic shares 55,408 55,742 Weighted average diluted shares 56,470 57,494 STORE DATA: Comparable store sales increase 0.9% 19.5%
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