On Thursday, troubled apparel retailer Aeropostale (ARO) posted a worse-than-anticipated quarterly loss and issued dismal first-quarter guidance, sending ARO stock plunging more than 15% in Friday morning trading.
ARO stock tumbled after the chain posted an adjusted loss of 35 cents a share for the fourth quarter. That disappointed analysts who had expected a loss of 31 cents per share of ARO stock. Same-store and online sales dropped 15% during the quarter, Bloomberg noted
Also pushing ARO stock down, the company said it anticipates a first-quarter loss of between 70 cents and 75 cents per share. Wall Street had been looking for a loss of 17 cents per share of ARO stock during the first quarter.
Aeropostale said it had secured a $150 million loan from Sycamore Partners. The chain has posted a loss for five consecutive quarters and says it plans to shutter 52 store in 2014.
ARO stock closed at $7.30 per share on Thursday. Over the past year, ARO stock has dropped almost 50% due to continuing poor sales and earnings.