Aeropostale

Aeropostale ANALYSIS for NYSE : ARO MAY 15, 2011 AEROPOSTALE STORES $ 50.09 $4.6 B MKT CAP Trefis Estimate $ 21.57 Market Price Aeropostale Revenue per Square Foot 3 Number of Aeropostale Stores 4 Square Feet per Aeropostale Store 5 Aeropostale Stores EBITDA Margin 6 INTERNET & CATALOG ORDERS $1.8 B MKT CAP — CORPORATE SNAPSHOT — Internet & Catalog Orders Revenues 8 Internet & Catalog Orders EBITDA Margin 9 APPENDICES Aeropostale is a mall based specialty retailer of casual apparel and accessories. It designs, markets and sells its own brand of merchandise through its retail stores and the internet. Aeropostale provides customers with a focused selection of high quality, active oriented, fashion at competitive prices. The average Aeropostale store is generally smaller than that of many of its mallbased competitors. However, unlike many of its competitors, its revenues were not impacted by the recent economic downturn. Instead, Aeropostale's revenues increased significantly from 2005 to 2010. 1. Aeropostale Stores constitute 79% of the Trefis price estimate for Aeropostale's stock. 2. Internet & Catalog Orders constitute 16% of the Trefis price estimate for Aeropostale's stock. Summary P&L for Aeropostale 11 Detailed Aeropostale Stores P&L 12 Detailed Internet & Catalog Orders P&L 13 Our share price estimate and the overall company value is derived by summing-up the values of individual divisions/businesses in a sum-of-theparts analysis. The value of each division is calculated using a discounted cash flow (DCF) methodology. We forecast fundamental drivers like pricing, market share, and profit margins for different businesses in estimating the division’s value within the DCF framework. The analysis below primarily focuses on those important forecasts that drive our share price and value estimate. Our complete analysis, including sources of historical data, underlying equations and additional discussion are available on www.trefis.com. — SOURCES OF VALUE — Although Aeropostale's Internet & Catalog business is more profitable (as a percentage of revenues) than Aeropostale stores, the high revenue per square Aeropostale's value comes from the stores business. Sustained Growth in Aeropostale's Revenue per Square Foot and Number of Stores Between 2005 and 2010, the revenue per square foot for Aeropostale stores increased from $530 to $630 and the number of stores from 670 to 1010. In comparison, revenues from internet and catalog sales increased from around $5 million in 2005 to about $160 million in 2010. Internet & Catalog Orders Profit Margin More Than Aeropostale Stores At nearly 27%, profit margins for the company's Internet & Catalog business was higher in 2010 than the 18% margins associated with Aeropostale stores. We expect that profit margins for the Internet & Catalog division will remain higher than margins for Aeropostale stores. The merchandise sold through Internet & Catalog Orders is sent directly to the consumer from the distribution center. As this merchandise does not go through stores, it incurs no store operating expenses and only very low SG&A expenses to the company. As a result, the EBITDA margins on merchandise sold through this channel is nearly 1.4x than that for merchandise sold through Aeropostale stores. — KEY TRENDS — Aeropostale Capturing Share During the Economic Crisis With the economic downturn from 2008 to 2009 leading to a fall in consumer spending, the apparel industry has witnessed a short-term decrease in demand. This has significantly impacted the revenues of major specialty retailers like Gap, Abercrombie & Fitch, American Eagle Outfitters, whose revenues declined from 2007 to 2009 at annual rates of around 5%, 12% and 1%, respectively. However, Aeropostale was able to increase its revenues at an annual growth rate of around 18% during this period and has been able to capture market share from competitors. Increasing Competition from Department and Discount Stores In the highly competitive apparel industry, the local department stores and discount store chains have been scaling up their operations. As a result, the larger national department stores and specialty store chains like Aeropostale need to increase their operational efficiency to improve margins. Lack of Presence in Asia Can Impact Aeropostale's Growth Potential The company's lack of expansion plans in the Asian market, which is becoming a focal point of the global apparel industry, means that it is missing out on a chance to capitalize on a growing market, in addition to staying at the mercy of US economic cycles. TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •2 Aeropostale Stores The Aeropostale Stores division constitutes 78.6% of our $50.09 price estimate for this stock, based on our sum of the parts analysis.The most important drivers for the Aeropostale Stores business are: • Aeropostale Revenue per Square Foot • Number of Aeropostale Stores • Square Feet per Aeropostale Store • Aeropostale Stores EBITDA Margin — AEROPOSTALE REVENUE PER SQUARE FOOT — This refers to the average annual revenue per square feet of retail store space for Aeropostale stores. This is an important metric to measure retail sale success and a factor that drives operating margins. Aeropostale Revenue per Square Foot ($) 700 600 500 400 300 200 100 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Aeropostale Revenue per Square Foot increased from about $550 in 2007 to about $620 in 2009, an annual growth rate of 7%. During this period the revenue per square foot for Aeropostale's competitor Abercrombie & Fitch fell from $480 to $370 while American Eagle revenue per square foot fell from $520 to $420. In 2010, the Aeropostale Revenue per Square Foot further increased to $630. Going forward, we expect Aeropostale Revenue per Square Foot to further increase as the company has added significant market share and brand value during the recent economic crisis. Forecast Rationale Supporting Factors: 1. REVENUE PER SQUARE FOOT FOR AEROPOSTALE STORES CROSSED THE $600 MARK DURING THE RECENT ECONOMIC DOWNTURN – Although there was a significant fall in consumer spending during the recent economic crisis, Aeropostale stores continuously reported comparable store sales growth from 2007 to 2009. . With the economic recovery in swing, the company is investing in strategic initiatives, such as enhancing its supply chain and introducing productivity technologies, especially for its better performing stores. Around 20% of its stores report revenue per TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •3 square foot that is at least 30% higher than the overall Aeropostale average. . As the economy recovers and consumer spending picks up, we expect revenue per square foot for Aeropostale stores to approach the $700 mark towards the end of our forecast period. 2. THE COMPANY HAS BEEN GAINING MARKET SHARE – During the recent economic downturn, the company had performed better than some of its major competitors like Abercrombie & Fitch and American Eagle by adopting innovative marketing strategies and pricing its products comparatively lower. The company can leverage its increasing customer base to further grow its revenues. Mitigating Factors: 3. INCREASING COMPETITION – With an increasing demand for value priced apparels, the industry is becoming increasingly competitive, with smaller department stores and specialty store chains scaling up their operations. If the company is not able to respond to changing trends successfully, its comparable store sales would be impacted. Sources for historical data and explanations can be found on the Trefis.com website (link) — NUMBER OF AEROPOSTALE STORES — This refers to the number of Aeropostale stores operating at the end of the fiscal year. Number of Aeropostale Stores (K ) 1.00 0.75 0.50 0.25 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 The number of Aeropostale stores increased from 670 in 2005 to 950 in 2009, at an average growth rate of around 9%. In comparison, during the same period, the number of Abercrombie & Fitch stores decreased from around 360 to 350 while the number of American Eagle stores increased from 870 to 940. In 2010, the Number of Aeropostale Stores further increased to 1010. We expect the number of Aeropostale stores to further increase from 2011 till the end of the Trefis forecast period, as the company's strong performance during the recent economic helps it to invest further in expansion. Forecast Rationale Supporting Factors: TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •4 1. AEROPOSTALE IS LOOKING TO INCREASE INVESTMENT IN ITS STORE BASE – In fiscal 2010, the company has planned to increase its capital expenditure by nearly 50% to $80 million, largely to expand and support its store base. In fiscal 2009, the company opened 39 new Aeropostale stores and 14 P.S. from Aeropostale stores. In fiscal 2010, the company is planning to open 25 new Aeropostale stores and 25-30 new P.S. from Aeropostale stores. This trend is expected to continue as the company has been able to continuously grow its revenues and operating margin, even during the recent economic crisis, when many retailers had to reduce their store base due to falling revenues and operating margins. 2. THE COMPANY WANTS TO ACQUIRE MARKET SHARE IN CANADA – The Canadian market presents a unique opportunity for youth apparel retailers like Aeropostale, Abercrombie & Fitch and American Eagle to grow their revenues outside of the increasingly saturated US market. Since entering the Canadian market in 2007, Aeropostale had opened 44 stores in Canada by the end of 2009 and its Canadian revenues increased at an annual rate of 150% during those two years. Aeropostale has also successfully established a marketing platform for its Aeropostale brand in Canada and is planning to build on this success by increasing its fleet of stores. Mitigating Factors: 3. THE PACE OF ECONOMIC RECOVERY MAY AFFECT THE COMPANY'S PLANS – The company does not have expansion plans for stores in emerging markets. As a result, Aeropostale remains susceptible to the US economic cycle and if there is a dip in the economic recovery in the next few quarters, the company may cut back on the expansion plans for its stores. Sources for historical data and explanations can be found on the Trefis.com website (link) — SQUARE FEET PER AEROPOSTALE STORE — This refers to the average retail space area per store measured in terms of square feet units. This typically depends on store formats. The company generally decides the size of a store at a particular location on factors like availability of space, demographics of the region, the expected traffic and real estate prices. Square Feet per Aeropostale Store (K ) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •5 The Square Feet per Store for Aeropostale stores increased at an annual growth rate of around 0.5% between 2005 and 2010. This is comparable to the growth rate of square feet per store for some of its major competitors like Abercrombie & Fitch stores and American Eagle stores. We expect the square feet per store for Aeropostale stores to increase at a comparable rate in the future. Forecast Rationale Supporting Factors: 1. AEROPOSTALE CAN FURTHER DRIVE PROFITABILITY BY STRENGTHENING ITS OVERALL STORE ECONOMICS – In order to achieve this, the company is expected to make strategic investments in real estate, introducing stores with enhanced store design and environment, at locations generating more traffic from the brand's target demographic. In addition to this, Aeropostale is looking to increase the productivity of better performing stores by increasing their retail space. Mitigating Factors: 2. COMPETITIVE MARKET FOR PRIME REAL ESTATE – In the current economic environment, it is increasingly becoming difficult to obtain large amounts of retail space in prime commercial areas. . If the company maintains a high square feet per store for these stores, then it faces high operating risks if it is not able to generate enough traffic into its stores as it operates in the value priced segment, in which margins are lower. Sources for historical data and explanations can be found on the Trefis.com website (link) — AEROPOSTALE STORES EBITDA MARGIN — Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) are profits after factoring in typical expenses such as Cost of Goods and Services Sold, SG&A Expense and R&D Expense. EBITDA Margin represents divisional EBITDA as a percentage of divisional revenues. We adjust EBITDA figures to exclude non-recurring charges and noncash charges such as Stock-Based Compensation Expense. Aeropostale Stores EBITDA Margin (%) 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •6 The EBITDA margin for Aeropostale Stores increased from around 10% in 2005 to 19% in 2009. It fell slightly in 2010, but, going forward we expect it to increase gradually to around 19%, as the company believes that there is further scope for optimizing its supply chain and improving operational efficiency. Forecast Rationale Supporting Factors: 1. AEROPOSTALE'S COMPARABLE STORE SALES HAVE BEEN CONTINUOUSLY GROWING – Aeropostale's comparable store sales increased by 10% for the fiscal 2009 and also increased in each of the first three months of the fiscal 2010. The company has been able to generate significant sales through promotions and offers, leveraging its strong supply chain and operating model to sustain margins. 2. THE COMPANY HAS BEEN IMPROVING MERCHANDISE MARGINS – The company's focus on controlling average unit cost (AUC) has enabled it to deliver healthy merchandise margins, showing a full year increase of nearly 2.5% in fiscal 2009. As the company continues to achieve operational efficiencies, the margins are expected to improve further. Mitigating Factors: 3. THE APPAREL INDUSTRY HAS BEEN WITNESSING A FALL IN DEMAND – The market size of the US apparel industry is estimated to have declined by around 5% in 2009, as compared to 2008. . This can largely be attributed to falling consumer spending, especially in the upper income and teen demographics. In addition to this, disposable personal income remained weak in the first two months of 2010 and is not expected to increase by much for the full year. These factors can put pressure on the division's revenues, thus impacting the EBITDA Margin. 4. INCREASING SG&A EXPENSES CAN PUT PRESSURE ON MARGINS – The company's SG&A expenses increased at an annual growth rate of nearly 20% from 2005 to 2009, but its impact on margins was reduced due to a comparable growth in sales during this period. Going forward, the company would need to put a control on its operating expenses to support margin growth, especially if revenue growth is impacted by the current weak consumer spending trends. Sources for historical data and explanations can be found on the Trefis.com website (link) Total Revenue (Bil $) Direct Expense (Bil $) Indirect Expense (Mil $) Gross Profit (Mil $) Free Cash Flow (Mil $) CY07 1.52 1.32 154 199 N/A CY08 1.79 1.53 170 261 N/A CY09 2.10 1.70 150 397 N/A CY10 2.24 1.83 260 411 N/A CY11 2.40 1.98 270 427 157 CY12 2.54 2.08 270 460 190 CY13 2.67 2.17 264 493 229 CY14 2.76 2.24 247 516 268 CY15 2.86 2.32 258 539 280 CY16 2.91 2.36 261 550 288 CY17 2.96 2.40 264 558 294 Note that Aeropostale reports financial information for fiscal year ended January 31st. We have calendarized Aeropostale's reported financial data for year ended December 31st. In addition, you can see the detailed P&L for the Aeropostale Stores business in the Appendix (link) TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •7 Internet & Catalog Orders The most important drivers for the Internet & Catalog Orders business are: • Internet & Catalog Orders Revenues • Internet & Catalog Orders EBITDA Margin — INTERNET & CATALOG ORDERS REVENUES — This refers to the company's revenues from its direct / e-commerce business. Internet & Catalog Orders Revenues ($ Mil) 400 350 300 250 200 150 100 50 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 The Internet & Catalog Orders Revenues increased from nearly $5 million in 2005 to $160 million in 2010 driven by growth in online sales with increasing internet penetration. We expect it to increase to around $400 million by the of the Trefis forecast period, as the company further increases the reach of its direct (online) channel and growing popularity of e-commerce. Forecast Rationale Supporting Factors: 1. AEROPOSTALE IS GAINING POPULARITY THROUGH WEB-BASED CHANNELS – The company has a growing following on social networking sites like Facebook and a growing customer base on its mobile commerce channel. The company is making significant investments in new marketing initiatives, which include offering engaging offers and promotions through its direct channels. The aggregate number of unique visitors to the company's Aeropostale website increased at a monthly rate of around 9% in 2009. Mitigating Factors: 2. THE BENCHMARK KPIS FOR THE DIRECT TO CONSUMER CHANNEL ARE EXPECTED TO BECOME MORE COMPETITIVE – In order to remain competitive in the direct to consumer segment, the company would need to continuously optimize its supply chain to keep in line with industry benchmarks for Key Performance Indicators (KPI) like lead time, TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •8 turnaround time, etc. Sources for historical data and explanations can be found on the Trefis.com website (link) — INTERNET & CATALOG ORDERS EBITDA MARGIN — Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) are profits after factoring in typical expenses such as Cost of Goods and Services Sold, SG&A Expense and R&D Expense. EBITDA Margin represents divisional EBITDA as a percentage of divisional revenues. We adjust EBITDA figures to exclude non-recurring charges and noncash charges such as Stock-Based Compensation Expense. Internet & Catalog Orders EBITDA Margin (%) 30 25 20 15 10 5 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 The EBITDA margin for the Internet & Catalog Orders business increased from around 17% in 2005 to 27% in 2010. Going forward, we expect it to increase gradually to around 30%, as the company believes that there is further scope for optimizing its supply chain and improving operational efficiency. Forecast Rationale Supporting Factors: 1. AEROPOSTALE IS AGGRESSIVELY DEVELOPING ITS E-COMMERCE CHANNEL – The company has made significant investments in upgrading its e-commerce technology to improve managed hosting, order management, product fulfillment and customer service, which is expected to yield high returns. The company believes that there is further scope for optimizing its e-commerce business operations. Mitigating Factors: 2. WITH THE FURTHER EXPANSION OF ITS ONLINE BUSINESS, THE DIVISION'S OPERATING COSTS MAY INCREASE – The company has made plans for increasing the coverage of the e-commerce operations of its Aeropostale and P.S. from Aeropostale brands. . As a result, the company may have to deal with rising operating costs. Sources for historical data and explanations can be found on the Trefis.com website (link) TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •9 Total Revenue (Mil $) Direct Expense (Mil $) Indirect Expense (Mil $) Gross Profit (Mil $) Free Cash Flow (Mil $) CY07 42.7 34.3 6.50 8.38 N/A CY08 79.0 61.9 11.1 17.1 N/A CY09 129 96.0 12.5 33.0 N/A CY10 160 117 27.0 42.7 N/A CY11 200 145 34.4 54.4 20.0 CY12 250 179 41.5 70.7 29.2 CY13 287 204 44.5 83.0 38.5 CY14 330 234 46.3 96.4 50.1 CY15 363 256 51.6 107 56.0 CY16 385 269 55.1 115 60.7 CY17 408 285 58.0 122 64.7 Note that Aeropostale reports financial information for fiscal year ended January 31st. We have calendarized Aeropostale's reported financial data for year ended December 31st. In addition, you can see the detailed P&L for the Internet & Catalog Orders business in the Appendix (link) TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •10 Appendix Summary P&L for Aeropostale Summary P&L for Aeropostale Total Revenues (Bil $) Aeropostale Stores (% of total) Internet & Catalog Orders (% of total) CY07 CY08 CY09 CY10 CY11 1.56 1.87 2.23 2.40 2.60 97.3 95.8 94.2 93.3 92.3 2.74 4.23 5.80 1.79 92.3 7.66 430 92.3 7.66 163 92.3 7.66 6.66 7.68 CY12 2.79 91.0 8.97 2.26 86.7 13.3 531 86.7 13.3 311 86.7 13.3 219 86.7 13.3 CY13 2.95 90.3 9.74 2.38 85.6 14.4 576 85.6 14.4 308 85.6 14.4 267 85.6 14.4 CY14 CY15 3.09 3.22 89.3 88.7 10.7 2.48 84.3 15.7 612 84.3 15.7 294 84.3 15.7 318 84.3 15.7 11.3 2.57 83.4 16.6 647 83.4 16.6 310 83.4 16.6 336 83.4 16.6 CY16 CY17 3.30 3.37 88.3 87.9 11.7 2.63 82.6 17.4 666 82.6 17.4 317 82.6 17.4 349 82.6 17.4 12.1 2.69 82.0 18.0 681 82.0 18.0 322 82.0 18.0 359 82.0 18.0 Direct Expenses (Bil $) Aeropostale Stores (% of total) Internet & Catalog Orders (% of total) 1.35 1.59 96.0 93.9 4.03 6.14 1.95 2.12 90.6 88.7 9.40 11.3 453 482 90.6 88.7 9.40 11.3 287 305 90.6 88.7 9.40 11.3 Gross Profit (Mil $) Aeropostale Stores (% of total) Internet & Catalog Orders (% of total) 208 278 96.0 93.9 4.03 6.14 Indirect Expenses (Mil $) Aeropostale Stores (% of total) Internet & Catalog Orders (% of total) 161 181 96.0 93.9 4.03 6.14 Free Cash Flow (Mil $) Aeropostale Stores (% of total) Internet & Catalog Orders (% of total) N/A N/A N/A N/A 177 N/A N/A N/A N/A 88.7 N/A N/A N/A N/A 11.3 Note that Aeropostale reports financial information for fiscal year ended January 31st. We have calendarized Aeropostale's reported financial data for year ended December 31st. TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •11 Detailed P&L for the Aeropostale Stores business The most important drivers for the Aeropostale Stores business are discussed above, here is the detailed P&L. Aeropostale Stores: Detailed P&L CY07 CY08 CY09 CY10 CY11 Revenues Aeropostale Stores Revenue (Bil $) 1.52 Aeropostale Revenue per Square 545 Foot ($) Square Feet per Aeropostale Store 3.55 (K ) Number of Aeropostale Stores (K ) 0.83 Total Revenues (Bil $) 1.52 Expenses Direct Expenses (Bil $) Aeropostale Stores EBITDA Margin (%) Indirect Expenses (Mil $) Effective Tax Rate (%) CapEx % of EBITDA (%) Net Working Capital % of Revenue (%) Net Operating Assets % of Revenue (%) Total Expenses (Bil $) Gross Profits (Mil $) Free Cash Flow (Mil $) 1.79 572 3.59 0.91 1.79 2.10 624 3.60 0.95 2.10 2.24 630 3.62 1.01 2.24 2.40 642 3.64 1.04 2.40 CY12 2.54 655 3.66 1.07 2.54 CY13 2.67 668 3.68 1.10 2.67 CY14 CY15 2.76 675 3.69 1.12 2.76 2.86 682 3.71 1.14 2.86 CY16 CY17 2.91 682 3.73 1.15 2.91 2.96 682 3.75 1.16 2.96 1.32 13.2 154 38.2 39.6 1.53 14.6 170 39.9 29.8 1.70 19.0 150 40.1 12.5 1.83 18.4 260 40.2 22.0 1.98 17.8 2.08 18.2 2.17 18.5 2.24 18.7 2.32 18.9 2.36 18.9 2.40 18.9 270 270 264 247 258 261 264 40.0 40.0 40.0 40.0 40.0 40.0 40.0 16.0 15.0 14.0 13.4 12.8 12.4 12.1 2.49 3.49 3.49 3.49 3.49 3.49 -1.57 -0.53 -2.65 -0.51 1.49 -6.60 -5.97 -4.72 -5.00 -4.00 -3.00 -3.00 -3.00 -3.00 -3.00 -3.00 1.47 1.70 1.85 2.09 2.25 2.35 460 190 2.44 493 229 2.49 516 268 2.58 539 280 2.63 550 288 2.66 558 294 199 261 397 411 427 N/A N/A N/A N/A 157 Note that Aeropostale reports financial information for fiscal year ended January 31st. We have calendarized Aeropostale's reported financial data for year ended December 31st. TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •12 Detailed P&L for the Internet & Catalog Orders business The most important drivers for the Internet & Catalog Orders business are discussed above, here is the detailed P&L. Internet & Catalog Orders: Detailed P&L CY07 Revenues Internet & Catalog Orders 42.7 Revenues (Mil $) Internet & Catalog Orders 42.7 Revenues ($ Mil) Total Revenues (Mil $) 42.7 Expenses Direct Expenses (Mil $) Internet & Catalog Orders EBITDA Margin (%) Indirect Expenses (Mil $) Effective Tax Rate (%) CapEx % of EBITDA (%) Net Working Capital % of Revenue (%) Net Operating Assets % of Revenue (%) Total Expenses (Mil $) Gross Profits (Mil $) Free Cash Flow (Mil $) CY08 CY09 CY10 CY11 79.0 79.0 79.0 129 129 129 160 160 160 200 200 200 CY12 250 250 250 CY13 287 287 287 CY14 CY15 330 330 330 363 363 363 CY16 CY17 385 385 385 408 408 408 34.3 19.6 6.50 38.2 39.6 61.9 21.6 11.1 39.9 29.8 96.0 117 25.6 12.5 40.1 12.5 26.7 27.0 40.2 22.0 145 27.2 179 28.3 204 28.9 234 29.1 256 29.6 269 30.0 285 30.0 34.4 41.5 44.5 46.3 51.6 55.1 58.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 16.0 15.0 14.0 13.4 12.8 12.4 12.1 2.49 3.49 3.49 3.49 3.49 3.49 -1.57 -0.53 -2.65 -0.51 1.49 -6.60 -5.97 -4.72 -5.00 -4.00 -3.00 -3.00 -3.00 -3.00 -3.00 -3.00 40.8 73.1 108 144 180 220 248 83.0 38.5 280 96.4 50.1 307 107 56.0 324 115 60.7 344 122 64.7 8.38 17.1 33.0 42.7 54.4 70.7 N/A N/A N/A N/A 20.0 29.2 Note that Aeropostale reports financial information for fiscal year ended January 31st. We have calendarized Aeropostale's reported financial data for year ended December 31st. TREFIS ANALYSIS for AEROPOSTALE CONTENT@TREFIS.COM + 1 617 394 8763 •13