Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Aeropostale, a multichannel retailer of apparel for young men and women, is launching P.S. from Aeropostale as a new store and e-commerce brand for kids from seven to 12 years old.
Aeropostale Inc., a multichannel retailer of apparel for young men and women, is launching P.S. from Aeropostale as a new store and e-commerce brand for kids from seven to 12 years old.
The retailer opened its first P.S. from Aeropostale store last week in the Palisades Mall in West Nyack, NY, following its strategy of operating mall-based stores. It also plans to open nine more stores and an e-commerce site, ps4u.com, during its current fiscal year, which runs through January 2010.
"We are thrilled to be able to offer the elementary school student a brand they can call their own," says chairman and CEO Julian R. Geiger. The market expansion comes as Aeropostale has been experiencing strong growth in its traditional market, which focuses mostly on casual apparel and accessories for teens.
In the first quarter ended May 2, web sales for Aeropostale, No. 156 in the Internet Retailer Top 500 Guide, increased by 74% to $16.7 million from $9.6 million. Aeropostale is an e-commerce technology client of GSI Commerce Inc.
The retailer says total net sales for the four-week period ended May 30 rose 30% year over year to $132.9 million, with same-store sales up 19%, compared to a year-ago same-store sales increase of 6%.
Year to date through May 30, Aeropostale says net sales are up 23% year over year to $541 million, with same-store sales up 13%, compared to a same-store sales hike of 9% for the same period last year.