Aeropostale Inc., the New York-based teen apparel retailer, said Co-Chief Executive Officer Mindy Meads is departing and named her counterpart, Thomas Johnson, to the top job.
Johnson and Meads had shared the CEO role since February, when Julian Geiger stepped down. Johnson previously worked at David’s Bridal Inc. and Brooks Brothers Inc. Meads, who is leaving to pursue other interests, will also step down as a director, Aeropostale said today in a statement.
Aeropostale increased sales during the recession by offering less expensive options for teens, undercutting competitors like Abercrombie & Fitch Co. and American Eagle Outfitters Inc. Today the retailer forecast fourth-quarter profit of as much as 96 cents a share, trailing the $1.03 average of estimates compiled by Bloomberg.
Aeropostale sank as much as 7.5 percent to $24.80 in after-hours trading after closing at $26.80 on the New York Stock Exchange. The shares have gained 18 percent this year.
The company also reported that third-quarter earnings fell to $58.5 million, or 63 cents a share, from $62.6 million, or 61 cents, a year earlier.