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27.08.2015 22:05
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Aeropostale Reports Results for Second Quarter of Fiscal 2015
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PR Newswire
NEW YORK, Aug. 27, 2015
NEW YORK, Aug. 27, 2015 /PRNewswire/ -- Aeropostale, Inc. (NYSE: ARO), a mall-based specialty retailer of casual apparel for young women and men, today reported results for the second quarter of fiscal 2015, and provided guidance for the third quarter of fiscal 2015.
Second Quarter Performance
For the second quarter of fiscal 2015, net sales decreased 17% to $326.9 million, from $396.2 million in the year ago period. Comparable sales, including the e-commerce channel, for the second quarter of fiscal 2015 decreased 8%, compared to a decrease of 13% for the corresponding 13-week period ended August 2, 2014.
The Company reported a net loss for the second quarter of fiscal 2015 of $43.7 million, or $0.55 per diluted share, which included:
- an after-tax charge of approximately $2.9 million, or $0.04 per diluted share, resulting from store closing costs;
- and an after-tax charge of $2.4 million, or $0.03 per diluted share, due to consulting fees; offset by
- an after-tax benefit of $6.4 million, or $0.08 per diluted share, due to reversals of previously established exit cost obligation liabilities resulting from subsequent lease terminations.
Excluding the aforementioned charges, the Company reported an adjusted net loss of $44.8 million, or $0.56 per diluted share in the second quarter of fiscal 2015 (see Exhibit D).
The Company reported an operating loss for the second quarter of fiscal 2015 of $37.4 million or, excluding the aforementioned charges, an adjusted operating loss of $38.6 million.
Julian R. Geiger, Chief Executive Officer, commented, "The second quarter was an important transitional time for us in which we set the stage for the second half of the year. We attained very high levels of merchandise currency, we delivered our new back to school merchandise, and we refocused our marketing efforts around key items, all while attaining operating results consistent with the better end of our guidance."
Cash and Investments
The Company ended the quarter with cash and cash equivalents of $86.5 million and $142.7 million in long-term debt.
The Company closed 23 Aeropostale stores during the quarter. For the second quarter, the Company invested $6.0 million in planned capital expenditures.
On August 18, 2015, the Company closed on an amended credit facility. This $215 million credit facility now expires in February 2019 at the earliest, aligns with the Company's current asset base and increases overall availability as compared to the previous credit facility.
Third Quarter Guidance
For the third quarter of fiscal 2015, the Company expects operating losses in the range of $19.0 to $25.0 million, which translates to a net loss in the range of $0.30 to $0.38 per diluted share. The effective tax rate for the third quarter is projected to be approximately 4.0%. This outlook excludes the impact of any store impairments or accelerated store closing costs which may be identified, and consulting fees.
Mr. Geiger continued, "We are encouraged by our progress during the initial part of the Back-To-School season, especially the significant improvement in our girls business. Our third quarter outlook reflects a continuation of the momentum we have generated in the quarter-to-date period. This guidance indicates a significant reduction in operating loss versus last year."
Use of Non-GAAP Measures
The Company believes that the disclosure of adjusted net loss and adjusted loss, which are non-GAAP financial measures, provides investors with useful information to help them better understand the Company's results (see Exhibit D).
Conference Call Information
The Company will be holding a conference call today at 4:15 P.M. ET to review its second quarter results. The broadcast will be available through the 'Investor Relations' link at www.aeropostale.com or by dialing 877-407-9039 approximately 10 minutes prior to the scheduled time with the passcode "Aeropostale." A replay will be available approximately one hour after the recording through Thursday, September 3, 2015 and can be accessed by dialing 877-870-5176, using the required passcode 13617667. An archive will also be available at the Aeropostale website for 12 months.
About Aeropostale, Inc.
Aeropostale, Inc. is a specialty retailer of casual apparel and accessories, principally targeting 14 to 17 year-old young women and men through its Aeropostale stores and website and 4 to 12 year-olds through its P.S. from Aeropostale stores and website. The Company provides customers with a focused selection of high quality fashion and fashion basic merchandise at compelling values in an exciting and customer friendly store environment. Aeropostale maintains control over its proprietary brands by designing, sourcing, marketing and selling all of its own merchandise, other than in licensed stores. Aeropostale products can be purchased in Aeropostale stores and online at www.aeropostale.com. P.S. from Aeropostale products can be purchased in P.S. from Aeropostale stores, in certain Aeropostale stores and online at www.ps4u.com and www.aeropostale.com. The Company currently operates 759 Aeropostale® stores in 50 states and Puerto Rico, 41 Aeropostale stores in Canada and 26 P.S. from Aeropostale® stores in 12 states. In addition, pursuant to various licensing agreements, the Company's licensees currently operate 286 Aeropostale® and P.S. from Aeropostale® locations in the Middle East, Asia, Europe, and Latin America. Since November 2012, Aeropostale, Inc. has operated GoJane.com, an online women's fashion footwear and apparel retailer. GoJane products can be purchased online at www.gojane.com.
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, 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 CURRENCY EXCHANGE RATES AND IMPORT RESTRICTIONS; RISKS ASSOCIATED WITH THE COMPANY'S DEBT ARRANGEMENTS; RISKS ASSOCIATED WITH UNCERTAINTY RELATING TO THE COMPANY'S ABILITY TO IMPLEMENT ITS TURNAROUND STRATEGIES, AS WELL AS THE OTHER RISK FACTORS SET FORTH IN THE COMPANY'S FORM 10-K AND QUARTERLY REPORTS ON FORM 10-Q, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS TO REFLECT SUBSEQUENT EVENTS
Company Contact:
Susan Lewis/VP, Investor & Media Relations
(646) 364-0215 or slewis@aeropostale.com
Media Contact:
Rachel Rosenblatt, FTI Consulting
(212) 850-5697
| EXHIBIT A | ||||||||
| | | | | | | | | |
| AEROPOSTALE, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands) | ||||||||
| | | | ||||||
| | | August 1, 2015 | | | January 31, 2015 | | | August 2, 2014 |
| | | (Unaudited) | | | | | | (Unaudited) |
| ASSETS | | | | | | | | |
| Current Assets: | | | | | | | | |
| Cash and cash equivalents | $ | 86,515 | | $ | 151,750 | | $ | 152,274 |
| Merchandise inventory | | 170,679 | | | 130,474 | | | 213,016 |
| Other current assets | | 46,346 | | | 67,063 | | | 52,967 |
| Total current assets | | 303,540 | | | 349,287 | | | 418,257 |
| | | | | | | | | |
| Fixtures, equipment and improvements, net | | 118,941 | | | 130,109 | | | 170,504 |
| Goodwill and intangible assets | | 22,351 | | | 22,728 | | | 28,204 |
| Other assets | | 8,551 | | | 10,065 | | | 17,817 |
| | | | | | | | | |
| TOTAL ASSETS | $ | 453,383 | | $ | 512,189 | | $ | 634,782 |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| Current Liabilities: | | | | | | | | |
| Accounts payable | $ | 136,236 | | $ | 88,289 | | $ | 137,307 |
| Accrued expenses | | 81,185 | | | 110,560 | | | 109,556 |
| Total current liabilities | | 217,421 | | | 198,849 | | | 246,863 |
| | | | | | | | | |
| Long-term debt | | 142,687 | | | 138,540 | | | 133,590 |
| | | | | | | | | |
| Other non-current liabilities | | 84,421 | | | 81,248 | | | 101,828 |
| | | | | | | | | |
| Stockholders' equity | | 8,854 | | | 93,552 | | | 152,501 Werbung Mehr Nachrichten zur Aeropostale Aktie kostenlos abonnieren
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