This excerpt taken from the AAP 8-K filed Feb 16, 2005.
The Company is issuing guidance for earnings per diluted share in the range of $0.85 to $0.90 for the first quarter of 2005 compared to last years $0.68, and $0.82 to $0.88 for the second quarter of 2005 compared to last years $0.70. The Company also is initiating guidance for earnings per diluted share of $3.00 to $3.10 for fiscal 2005, an increase of 20% to 24% over last year. The Company has not included in its guidance any cost associated with expensing of stock options, as it is still evaluating the impact of this new accounting pronouncement, including date of implementation. The Company currently estimates the expensing of options to approximate $0.02 to $0.03 per diluted share each quarter.
Castellani added, We believe we can achieve our long term goal of increasing our earnings per share 20% or more for the next several years, by continuing to execute our strategic initiatives and investing for the long term. We are extremely proud of our 2004 results and believe we are well positioned to have an outstanding 2005.
He added, We plan to open between 150 to 175 new stores this year, and we expect to have more than half of our stores operating with our new 2010 store format by the end of 2005, as we work to achieve our goal of having the newest, freshest store base in the industry.