AEROPOSTALE $4.68 (New York symbol ARO; TSINetwork Rating: Extra Risk) (646-485-5410; www.aeropostale.com; Shares outstanding: 78.5 million; Market cap: $378.4 million; No dividends paid) is undertaking a number of major initiatives to increase its sales and profits.
These moves are in response to the slow U.S. economy, which has increased the unemployment rate among teenagers, hurting sales at teen retailers like Aeropostale.
In the three months ended February 1, 2014, Aeropostale’s sales fell 16.0%, to $670.0 million from $797.7 million a year earlier. Same-store sales declined 15%. It lost $70.3 million, or $0.90 a share, compared to loss of $671,000, or $0.01.
Aeropostale is now closing all 125 of its mall-based P.S. from Aeropostale stores, which are aimed at seven- to 12-year-olds. It plans to refocus on faster-growing sales channels, such as stand-alone locations (including outlet stores), online sales and international licensing.
The company is also cutting costs, including eliminating 100 head office positions. It expects these moves to save it $30 million to $35 million annually, beginning next year.
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