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| (Mark One) |
|------------|
| R          | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       |   |
|       | For the Fiscal Year Ended January 30, 2010 |
| or         |
| £     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| Delaware                                        | No. 31-1443880      |
|-------------------------------------------------|---------------------|
| (State or other jurisdiction of                 | (I.R.S. Employer    |
| incorporation or organization)                  | Identification No.) |
|                                            |                |
| 112 West 34th Street, 22nd floor |                |
| New York, NY                                    | 10120               |
| (Address of principal executive offices)        | (Zip Code)          |

| Title of Each Class                | Name of Each Exchange on Which Registered |
|------------------------------------|-------------------------------------------|
| Common Stock, $0.01 par value | New York Stock Exchange                   |

| Large accelerated filer R      | Accelerated filer £      |
|--------------------------------------------------------------|-------------------------------------------------------------|
| Non-accelerated filer £                            | Smaller reporting company  £                 |

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Table of Contents

TABLE OF CONTENTS

| PART I        |
|--------------------|
| Item 1.       | Business | 3 |
| Item 1A.      | Risk Factors | 10 |
| Item 1B.      | Unresolved Staff Comments | 14 |
| Item 2.       | Properties | 15 |
| Item 3.       | Legal Proceedings | 15 |
| Item 4.       | Reserved | 15 |
| PART II       |
| Item 5.       | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 16 |
| Item 6.       | Selected Financial Data | 18 |
| Item 7.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 19 |
| Item 7A.      | Quantitative and Qualitative Disclosures About Market Risk | 26 |
| Item 8.       | Financial Statements and Supplementary Data | 27 |
| Item 9.       | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 51 |
| Item 9A.      | Controls and Procedures | 51 |
| Item 9B.      | Other Information | 51 |
| PART III      |
| Item 10.      | Directors, Executive Officers and Corporate Governance | 52 |
| Item 11.      | Executive  Compensation | 52 |
| Item 12.      | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 52 |
| Item 13.      | Certain Relationships and Related Transactions, and Director Independence | 52 |
| Item 14.      | Principal Accountant Fees and Services | 52 |
| PART IV       |
| Item 15.      | Exhibits and Financial Statement Schedules | 53 |
| Exhibit Index | 54 |
| Signatures         | 55 |

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PART I

Item 1.  Business

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|    United States |   | Number ofAéropostaleStores |   |   | Number ofP.S. from AéropostaleStores |   |    | Total Number ofStores |   |
|---------------------------------|--------|---------------------------------|--------|--------|-------------------------------------------|--------|---------|-----------------------|--------|
| Alabama                         |   |                            | 16     |   |                                      |   | — |                  |   |   | 16 |   |
| Arkansas                        |   |                            | 8      |   |                                      |   | — |                  |   |   | 8 |   |
| Arizona                         |   |                            | 17     |   |                                      |   | — |                  |   |   | 17 |   |
| California                      |   |                            | 77     |   |                                      |   | 1       |                  |   |   | 78 |   |
| Colorado                        |   |                            | 15     |   |                                      |   | — |                  |   |   | 15 |   |
| Connecticut                     |   |                            | 10     |   |                                      |   | 1       |                  |   |   | 11 |   |
| Delaware                        |   |                            | 4      |   |                                      |   | — |                  |   |   | 4 |   |
| Florida                         |   |                            | 54     |   |                                      |   | — |                  |   |   | 54 |   |
| Georgia                         |   |                            | 27     |   |                                      |   | — |                  |   |   | 27 |   |
| Hawaii                          |   |                            | 2      |   |                                      |   | — |                  |   |   | 2 |   |
| Idaho                           |   |                            | 5      |   |                                      |   | — |                  |   |   | 5 |   |
| Illinois                        |   |                            | 34     |   |                                      |   | — |                  |   |   | 34 |   |
| Indiana                         |   |                            | 23     |   |                                      |   | — |                  |   |   | 23 |   |
| Iowa                            |   |                            | 12     |   |                                      |   | — |                  |   |   | 12 |   |
| Kansas                          |   |                            | 8      |   |                                      |   | — |                  |   |   | 8 |   |
| Kentucky                        |   |                            | 10     |   |                                      |   | — |                  |   |   | 10 |   |
| Louisiana                       |   |                            | 15     |   |                                      |   | — |                  |   |   | 15 |   |
| Massachusetts                   |   |                            | 26     |   |                                      |   | — |                  |   |   | 26 |   |
| Maryland                        |   |                            | 19     |   |                                      |   | — |                  |   |   | 19 |   |
| Maine                           |   |                            | 4      |   |                                      |   | — |                  |   |   | 4 |   |
| Michigan                        |   |                            | 33     |   |                                      |   | — |                  |   |   | 33 |   |
| Minnesota                       |   |                            | 16     |   |                                      |   | 1       |                  |   |   | 17 |   |
| Mississippi                     |   |                            | 8      |   |                                      |   | — |                  |   |   | 8 |   |
| Missouri                        |   |                            | 16     |   |                                      |   | — |                  |   |   | 16 |   |
| Montana                         |   |                            | 3      |   |                                      |   | — |                  |   |   | 3 |   |
| North Carolina                  |   |                            | 26     |   |                                      |   | — |                  |   |   | 26 |   |
| North Dakota                    |   |                            | 4      |   |                                      |   | — |                  |   |   | 4 |   |
| Nebraska                        |   |                            | 5      |   |                                      |   | — |                  |   |   | 5 |   |
| New Hampshire                   |   |                            | 7      |   |                                      |   | — |                  |   |   | 7 |   |
| New Jersey                      |   |                            | 25     |   |                                      |   | 7       |                  |   |   | 32 |   |
| New Mexico                      |   |                            | 3      |   |                                      |   | — |                  |   |   | 3 |   |
| Nevada                          |   |                            | 7      |   |                                      |   | — |                  |   |   | 7 |   |
| New York                        |   |                            | 47     |   |                                      |   | 4       |                  |   |   | 51 |   |
| Ohio                            |   |                            | 38     |   |                                      |   | — |                  |   |   | 38 |   |
| Oklahoma                        |   |                            | 7      |   |                                      |   | — |                  |   |   | 7 |   |
| Oregon                          |   |                            | 7      |   |                                      |   | — |                  |   |   | 7 |   |
| Pennsylvania                    |   |                            | 54     |   |                                      |   | — |                  |   |   | 54 |   |
| Puerto Rico                     |   |                            | 4      |   |                                      |   | — |                  |   |   | 4 |   |
| Rhode Island                    |   |                            | 2      |   |                                      |   | — |                  |   |   | 2 |   |
| South Carolina                  |   |                            | 15     |   |                                      |   | — |                  |   |   | 15 |   |
| South Dakota                    |   |                            | 2      |   |                                      |   | — |                  |   |   | 2 |   |
| Tennessee                       |   |                            | 22     |   |                                      |   | — |                  |   |   | 22 |   |
| Texas                           |   |                            | 72     |   |                                      |   | — |                  |   |   | 72 |   |
| Utah                            |   |                            | 12     |   |                                      |   | — |                  |   |   | 12 |   |
| Vermont                         |   |                            | 2      |   |                                      |   | — |                  |   |   | 2 |   |
| Virginia                        |   |                            | 26     |   |                                      |   | — |                  |   |   | 26 |   |
| Washington                      |   |                            | 20     |   |                                      |   | — |                  |   |   | 20 |   |
| West Virginia                   |   |                            | 6      |   |                                      |   | — |                  |   |   | 6 |   |
| Wisconsin                       |   |                            | 18     |   |                                      |   | — |                  |   |   | 18 |   |
| Wyoming                         |   |                            | 1      |   |                                      |   | — |                  |   |   | 1 |   |
|                            |   |                            |   |   |                                      |   |    |                  |   |   |   |   |
| Canada                          |   |                            |   |   |                                      |   |    |                  |   |   |   |   |
| Alberta                         |   |                            | 6      |   |                                      |   | — |                  |   |   | 6 |   |
| British Columbia                |   |                            | 4      |   |                                      |   | — |                  |   |   | 4 |   |
| New Brunswick                   |   |                            | 1      |   |                                      |   | — |                  |   |   | 1 |   |
| Newfoundland                    |   |                            | 1      |   |                                      |   | — |                  |   |   | 1 |   |
| Nova Scotia                     |   |                            | 1      |   |                                      |   | — |                  |   |   | 1 |   |
| Ontario                         |   |                            | 31     |   |                                      |   | — |                  |   |   | 31 |   |
|                            |   |                            |   |   |                                      |   |    |                  |   |   |   |   |
| Total                           |   |                            | 938    |   |                                      |   | 14      |                  |   |   | 952 |   |

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|      |   |    AéropostaleStoresOpened |   |   |   PS from AéropostaleStoresOpened |   |    |    AéropostaleStoresClosed |   |   |   Jimmy’Z Stores Closed |   |   | TotalNumber ofStores at Endof Period |    |
|--------------------------|--------|-------------------------------------------|--------|--------|---------------------------------------------|--------|---------|-------------------------------------------|--------|--------|-----------------------------------------|--------|--------|--------------------------------------|---------|
| Fiscal 2007              |   |                                      | 88     |   |                                        |   | — |                                      |   |   | 2                                       |   |   |                                 | — |   |   |   | 828 |   |
| Fiscal 2008              |   |                                      | 89     |   |                                        |   | — |                                      |   |   | —                                 |   |   |                                 | 3       |   |   |   | 914 |   |
| Fiscal 2009              |   |                                      | 39     |   |                                        |   | 14      |                                      |   |   | 4                                       |   |   |                                 | 11      |   |   |   | 952 |   |

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Item 1A.  Risk Factors

|   | • | actions of competitors or mall anchor tenants; |
|--------|---------|------------------------------------------------|

|   | • | changes in general economic conditions and consumer spending patterns; |
|--------|---------|------------------------------------------------------------------------|

|   | • | fashion trends; |
|--------|---------|-----------------|

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|   | • | changes in our merchandise mix; |
|--------|---------|---------------------------------|

|   | • | the effectiveness of our inventory management; |
|--------|---------|------------------------------------------------|

|   | • | calendar shifts of holiday or seasonal periods; |
|--------|---------|-------------------------------------------------|

|   | • | the timing of promotional events; and |
|--------|---------|--------------------------------------------|

|   | • | weather conditions. |
|--------|---------|---------------------|

|   | • | identify suitable markets and sites for new store locations; |
|--------|---------|--------------------------------------------------------------|

|   | • | negotiate acceptable lease terms; |
|--------|---------|-----------------------------------|

|   | • | hire, train and retain competent store personnel; |
|--------|---------|---------------------------------------------------|

|   | • | foster current relationships and develop new relationships with vendors that are capable of supplying a greater volume of merchandise; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | • | manage inventory and distribution effectively to meet the needs of new and existing stores on a timely basis; |
|--------|---------|---------------------------------------------------------------------------------------------------------------|

|   | • | expand our infrastructure to accommodate growth; and |
|--------|---------|-----------------------------------------------------------|

|   | • | generate sufficient operating cash flows or secure adequate capital on commercially reasonable terms to fund our expansion plans. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------|

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Item 1B.  Unresolved Staff Comments

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Item 2.  Properties

Item 3.  Legal Proceedings

Item 4.  Reserved

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PART II

Item 5.  Market for the Registrant’s Common Equity, Related StockholderMatters and Issuer Purchases of Equity Securities

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Market Price |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | High         |   |   | Low |   |
| Fiscal 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |         |   |   |   |   |   |   |
| 4th quarter                                                                                                                                        |   | $            | 25.50  |   |   | $ | 19.30 |   |
| 3rd quarter                                                                                                                                        |   |         | 29.47  |   |   |   | 23.43 |   |
| 2nd quarter                                                                                                                                        |   |         | 25.48  |   |   |   | 20.67 |   |
| 1st quarter                                                                                                                                        |   |         | 22.65  |   |   |   | 13.78 |   |
| Fiscal 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |         |   |   |   |   |   |   |
| 4th quarter                                                                                                                                        |   | $            | 16.12  |   |   | $ | 8.50 |   |
| 3rd quarter                                                                                                                                        |   |         | 24.53  |   |   |   | 13.84 |   |
| 2nd quarter                                                                                                                                        |   |         | 23.85  |   |   |   | 20.17 |   |
| 1st quarter                                                                                                                                        |   |         | 22.05  |   |   |   | 16.11 |   |

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|                   |   |   | 1/05   |   |   |   | 1/06   |   |   |   | 1/07   |   |   |   | 1/08   |   |   |   | 1/09   |   |   |   | 1/10   |   |
|------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Aéropostale, Inc. |   | $      | 100    |   |   | $      | 109    |   |   | $      | 129    |   |   | $      | 152    |   |   | $      | 114    |   |   | $      | 178    |   |
| S&P Midcap 400     |   | $      | 100    |   |   | $      | 122    |   |   | $      | 132    |   |   | $      | 129    |   |   | $      | 81     |   |   | $      | 117    |   |
| S&P Apparel Retail |   | $      | 100    |   |   | $      | 95     |   |   | $      | 109    |   |   | $      | 104    |   |   | $      | 53     |   |   | $      | 105    |   |

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|      Period      |   |    Total Numberof Shares(or Units)Purchased |      |   |     AveragePrice Paidper Share |   |    |   Total Number ofShares Purchasedas Part of PubliclyAnnounced Plansor Programs |   |   | Approximate DollarValue of Sharesthat may yet bePurchased Under thePlans or Programs(a) (b) |   |
|-------------------------------------------|--------|-------------------------------------------------------|-----------|--------|-----------------------------------------------|--------|---------|-------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------|--------|
|                                      |   |                                                  |      |   |                                          |   |    |                                                                                |   |   | (In thousands)                                                                              |   |
| November 1 to November 28, 2009      |   |                                                  | —   |   |                                          |   | — |                                                                                |   |   | —                                                                                     |   |   | $ | 64,039 |   |
| November 29, 2009 to January 2, 2010 |   |                                                  | 4,500,000 |   |                                          |   | 20.87   |                                                                                |   |   | 4,500,000                                                                                   |   |   | $ | 220,039 |   |
| January 3 to January 30, 2010   |   |                                                  | 750,000   |   |                                          |   | 22.94   |                                                                                |   |   | 750,000                                                                                     |   |   | $ | 202,823 |   |
| Total                                     |   |                                                  | 5,250,000 |   |                                          |   | 21.17   |                                                                                |   |   | 5,250,000                                                                                   |   |   |   |   |   |

| (a) | The repurchase program may be modified or terminated by the Board of Directors at any time, and there is no expiration date for the program. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Includes additional $250.0 million of repurchase availability that was approved on December 7, 2009. |
|-----|------------------------------------------------------------------------------------------------------|

Item 6.  Selected Financial Data

|                                          |   | Fiscal Year Ended                               |      |
|-----------------------------------------------|--------|-------------------------------------------------|-----------|
|                                     |   | January 30, 2010                           |      |   | January 31, 2009 |   |   | February 2, 2008 (1) |   |   | February 3, 2007 (2) (3) |   |   | January 28, 2006 |   |
|                                          |   | (In thousands, except per share and store data) |      |
| Statements of Income Data:                    |   |                                            |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                     |   | $                                               | 2,230,105 |   |   | $ | 1,885,531 |   |   | $ | 1,590,883 |   |   | $ | 1,413,208 |   |   | $ | 1,204,347 |   |
| Gross profit, as a percent of sales           |   |                                            | 38.0      | % |   |   | 34.7 | % |   |   | 34.8 | % |   |   | 32.2 | % |   |   | 30.1 | % |
| SG&A, as a percent of sales               |   |                                            | 20.8      | % |   |   | 21.5 | % |   |   | 21.7 | % |   |   | 20.5 | % |   |   | 18.9 | % |
| Income from operations, as a percent of sales |   |                                            | 17.2      | % |   |   | 13.2 | % |   |   | 12.8 | % |   |   | 11.9 | % |   |   | 11.2 | % |
| Net income, as a percent of sales             |   |                                            | 10.3      | % |   |   | 7.9 | % |   |   | 8.2 | % |   |   | 7.5 | % |   |   | 7.0 | % |
| Net income                                    |   | $                                               | 229,457   |   |   | $ | 149,422 |   |   | $ | 129,197 |   |   | $ | 106,647 |   |   | $ | 83,954 |   |
| Diluted earnings per common share (4)         |   | $                                               | 2.27      |   |   | $ | 1.47 |   |   | $ | 1.15 |   |   | $ | 0.88 |   |   | $ | 0.67 |   |
| Selected Operating Data:                      |   |                                            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Number of stores open at end of period        |   |                                            | 952       |   |   |   | 914 |   |   |   | 828 |   |   |   | 742 |   |   |   | 671 |   |
| Comparable store sales increase               |   |                                            | 10        | % |   |   | 8 | % |   |   | 3 | % |   |   | 2 | % |   |   | 4 | % |
| Comparable average unit retail change         |   |                                            | 3         | % |   |   | 2 | % |   |   | (3 | )% |   |   | 3 | % |   |   | (8 | )% |
| Average net sales per store (in thousands)    |   | $                                               | 2,243     |   |   | $ | 2,042 |   |   | $ | 1,932 |   |   | $ | 1,924 |   |   | $ | 1,890 |   |
| Average square footage per store              |   |                                            | 3,601     |   |   |   | 3,594 |   |   |   | 3,546 |   |   |   | 3,540 |   |   |   | 3,537 |   |
| Net store sales per average square foot       |   | $                                               | 624       |   |   | $ | 572 |   |   | $ | 545 |   |   | $ | 543 |   |   | $ | 534 |   |

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|                             |   | As of                 |    |
|----------------------------------|--------|-----------------------|---------|
|                        |   | January 30, 2010 |    |   | January 31, 2009 |   |   | February 2, 2008 |   |   | February 3, 2007 |   |   | January 28, 2006 |   |
|                             |   | (In thousands)        |    |
| Balance Sheet Data:              |   |                  |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Working capital                  |   | $                     | 288,177 |   |   | $ | 218,444 |   |   | $ | 87,300 |   |   | $ | 233,995 |   |   | $ | 212,986 |   |
| Total assets                     |   |                  | 792,309 |   |   |   | 657,919 |   |   |   | 514,169 |   |   |   | 581,164 |   |   |   | 503,951 |   |
| Long-term liabilities            |   |                  | 115,980 |   |   |   | 127,422 |   |   |   | 119,506 |   |   |   | 104,250 |   |   |   | 92,808 |   |
| Total debt                       |   |                  | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Retained earnings                |   |                  | 922,790 |   |   |   | 693,333 |   |   |   | 543,911 |   |   |   | 414,916 |   |   |   | 308,269 |   |
| Total stockholder’s equity |   |                  | 434,489 |   |   |   | 355,060 |   |   |   | 197,276 |   |   |   | 312,116 |   |   |   | 284,790 |   |

| (1)    | Includes initial gift card breakage income of $7.7 million ($4.8 million, after tax, or $0.05 per diluted share) and other operating income of $4.1 million ($2.6 million, after tax, or $0.03 per diluted share) as a result of an agreement with our former Executive Vice President and Chief Merchandising Officer, partially offset by an asset impairment charge of $9.0 million ($5.7 million, after tax, or $0.05 per diluted share).  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (2)    | Includes $7.4 million ($4.5 million, after tax, or $0.03 per diluted share), net of professional fees, representing concessions, primarily from South Bay Apparel Inc., to us for prior purchases of merchandise and other operating income of $2.1 million ($1.3 million, after tax, or $0.01 per diluted share) from the resolution of a dispute with a vendor regarding the enforcement of our intellectual property rights. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (3)    | 53 week fiscal year.                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| (4)    | All share and per share amounts presented in this report were retroactively adjusted for the common stock split announced on February 3, 2010 (see Note 2 to the Notes to Consolidated Financial Statements for a further discussion).                                                                                                                                                                                                                        |

Item 7.  

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|                                                       |   | Fiscal Year Ended     |    |
|------------------------------------------------------------|--------|-----------------------|---------|
|                                                  |   | January 30, 2010 |    |   | January 31, 2009 |   |   | February 2, 2008 |   |
| Net sales (in millions)                                    |   | $                     | 2,230.1 |   |   | $ | 1,885.5 |   |   | $ | 1,590.9 |   |
| Total store count at end of period                         |   |                  | 952     |   |   |   | 914 |   |   |   | 828 |   |
| Comparable store count at end of period                    |   |                  | 878     |   |   |   | 811 |   |   |   | 734 |   |
| Net sales growth                                           |   |                  | 18      | % |   |   | 19 | % |   |   | 13 | % |
| Comparable store sales growth                              |   |                  | 10      | % |   |   | 8 | % |   |   | 3 | % |
| Comparable average unit retail change                      |   |                  | 3       | % |   |   | 2 | % |   |   | (3 | )% |
| Comparable units per sales transaction change              |   |                  | 4       | % |   |   | 3 | % |   |   | 2 | % |
| Comparable sales transaction growth                        |   |                  | 4       | % |   |   | 4 | % |   |   | 3 | % |
| Net store sales per average square foot                    |   | $                     | 624     |   |   | $ | 572 |   |   | $ | 545 |   |
| Average net sales per store (in thousands)                 |   | $                     | 2,243   |   |   | $ | 2,042 |   |   | $ | 1,932 |   |
| Gross profit (in millions)                                 |   | $                     | 847.1   |   |   | $ | 654.2 |   |   | $ | 553.2 |   |
| Income from operations (in millions)                       |   | $                     | 382.7   |   |   | $ | 248.3 |   |   | $ | 202.5 |   |
| Diluted earnings per share                                 |   | $                     | 2.27    |   |   | $ | 1.47 |   |   | $ | 1.15 |   |
| Average store square footage growth over comparable period |   |                  | 7       | % |   |   | 12 | % |   |   | 10 | % |
| Change in total inventory at end of period                 |   |                  | 5       | % |   |   | (7 | )% |   |   | 35 | % |
| Change in inventory per store square foot at end of period |   |                  | (2      | )% |   |   | (17 | )% |   |   | 20 | % |
| Percentages of net sales by category                       |   |                  |    |   |   |   |   |   |   |   |   |   |
| Women’s                                              |   |                  | 70      | % |   |   | 71 | % |   |   | 72 | % |
| Men’s                                                |   |                  | 30      | % |   |   | 29 | % |   |   | 28 | % |

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|                                   |   | Fiscal Year Ended     |    |
|----------------------------------------|--------|-----------------------|---------|
|                              |   | January 30, 2010 |    |   | January 31, 2009 |   |   | February 2, 2008 |   |
| Net sales                              |   |                  | 100.0   | % |   |   | 100.0 | % |   |   | 100.0 | % |
| Gross profit                           |   |                  | 38.0    |   |   |   | 34.7 |   |   |   | 34.8 |   |
| SG&A                               |   |                  | 20.8    |   |   |   | 21.5 |   |   |   | 21.7 |   |
| Jimmy’Z asset impairment charges |   |                  | — |   |   |   | — |   |   |   | 0.6 |   |
| Other operating income                 |   |                  | — |   |   |   | — |   |   |   | 0.3 |   |
| Income from operations                 |   |                  | 17.2    |   |   |   | 13.2 |   |   |   | 12.8 |   |
| Interest income, net                   |   |                  | — |   |   |   | — |   |   |   | 0.4 |   |
| Income before income taxes             |   |                  | 17.2    |   |   |   | 13.2 |   |   |   | 13.2 |   |
| Income taxes                           |   |                  | 6.9     |   |   |   | 5.3 |   |   |   | 5.0 |   |
| Net income                             |   |                  | 10.3    | % |   |   | 7.9 | % |   |   | 8.2 | % |

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|                                                 |   | Fiscal Year Ended     |     |
|------------------------------------------------------|--------|-----------------------|----------|
|                                            |   | January 30, 2010 |     |   | January 31, 2009 |   |   | February 2, 2008 |   |
| Net cash provided by operating activities            |   | $                     | 334,440  |   |   | $ | 202,135 |   |   | $ | 171,081 |   |
| Net cash used for investing activities               |   |                  | (53,883  | ) |   |   | (83,035 | ) |   |   | (6,083 | ) |
| Net cash used for financing activities               |   |                  | (162,604 | ) |   |   | (1,445 | ) |   |   | (253,153 | ) |
| Effect of exchange rate changes                      |   |                  | 493      |   |   |   | (1,052 | ) |   |   | 18 |   |
| Net increase (decrease) in cash and cash equivalents |   | $                     | 118,446  |   |   | $ | 116,603 |   |   | $ | (88,137 | ) |

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|                          |   | Payments Due by Period |    |
|-------------------------------|--------|------------------------|---------|
|                     |   |   Total           |    |   | Less Than1 Year |   |   | 1-3Years |   |   | 3-5Years |   |   | More Than5 Years |   |
|                          |   | (In thousands)         |    |
| Contractual Obligations:      |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Real estate operating leases  |   | $                      | 726,848 |   |   | $ | 106,736 |   |   | $ | 206,878 |   |   | $ | 177,390 |   |   | $ | 235,844 |   |
| Employment agreements         |   |                   | 7,004   |   |   |   | 3,627 |   |   |   | 3,377 |   |   |   | — |   |   |   | — |   |
| Equipment operating leases    |   |                   | 6,569   |   |   |   | 2,939 |   |   |   | 3,479 |   |   |   | 151 |   |   |   | — |   |
| Total contractual obligations |   | $                      | 740,421 |   |   | $ | 113,302 |   |   | $ | 213,734 |   |   | $ | 177,541 |   |   | $ | 235,844 |   |

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|   | • | significant changes in the manner of our use of assets or the strategy for our overall business; |
|--------|---------|--------------------------------------------------------------------------------------------------|

|   | • | significant negative industry or economic trends; |
|--------|---------|---------------------------------------------------|

|   | • | store closings; or |
|--------|---------|-------------------------|

|   | • | under-performing business trends. |
|--------|---------|-----------------------------------|

Item 7A.

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Item 8

|                                                       | Page   |
|------------------------------------------------------------|------------------|
| Reports of Independent Registered Public Accounting Firm   | 28               |
| Consolidated Balance Sheets                                | 30               |
| Consolidated Statements of Income and Comprehensive Income | 31               |
| Consolidated Statements of Stockholders’ Equity      | 32               |
| Consolidated Statements of Cash Flows                      | 33               |
| Notes to Consolidated Financial Statements                 | 34               |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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AÉROPOSTALE, INC. AND SUBSIDIARIES

|                                                                                                                                                         |   | January 30, 2010                 |     |   | January 31, 2009 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|----------|--------|-----------------------|--------|
|                                                                                                                                                              |   | (In thousands, except per share data) |     |
| ASSETS                                                                                                                                                            |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |
| Current assets:                                                                                                                                                   |   |                                  |     |   |                  |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |
| Cash and cash equivalents                                                                                                                                         |   | $                                     | 346,976  |   |                  | $      | 228,530 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Merchandise inventory                                                                                                                                             |   |                                  | 132,915  |   |                  |   | 126,360 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Prepaid expenses                                                                                                                                                  |   |                                  | 21,049   |   |                  |   | 17,384 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Deferred income taxes                                                                                                                                             |   |                                  | 21,683   |   |                  |   | 10,745 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Other current assets                                                                                                                                              |   |                                  | 7,394    |   |                  |   | 10,862 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Total current assets                                                                                                                                              |   |                                  | 530,017  |   |                  |   | 393,881 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Fixtures, equipment and improvements — net                                                                                                             |   |                                  | 251,558  |   |                  |   | 248,999 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Deferred income taxes                                                                                                                                             |   |                                  | 6,383    |   |                  |   | 12,509 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Other assets                                                                                                                                                      |   |                                  | 4,351    |   |                  |   | 2,530 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Total assets                                                                                                                                                      |   | $                                     | 792,309  |   |                  | $      | 657,919 |   |
|                                                                                                                                                              |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                        |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Current liabilities:                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Accounts payable                                                                                                                                                  |   | $                                     | 90,850   |   |                  | $      | 77,247 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Accrued expenses                                                                                                                                                  |   |                                  | 150,990  |   |                  |   | 98,190 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Total current liabilities                                                                                                                                         |   |                                  | 241,840  |   |                  |   | 175,437 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Tenant allowances                                                                                                                                                 |   |                                  | 68,174   |   |                  |   | 74,712 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Deferred rent                                                                                                                                                     |   |                                  | 27,559   |   |                  |   | 26,019 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Non-current retirement benefit plan liabilities                                                                                                                   |   |                                  | 10,060   |   |                  |   | 22,470 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Other non-current liabilities                                                                                                                                     |   |                                  | 6,286    |   |                  |   | 1,662 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Uncertain tax contingency liabilities                                                                                                                             |   |                                  | 3,901    |   |                  |   | 2,559 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Commitments and contingent liabilities                                                                                                                            |   |                                  |     |   |                  |   |   |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Stockholders’ equity Common stock — par value, $0.01 per share; 200,000 shares authorized, 137,090 and 135,708 shares issued |   |                                  | 1,371    |   |                  |   | 1,358 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Preferred stock — par value, $0.01 per share; 5,000 shares authorized, no shares issued or outstanding                                       |   |                                  | —  |   |                  |   | — |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Additional paid-in capital                                                                                                                                        |   |                                  | 171,815  |   |                  |   | 145,498 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Accumulated other comprehensive loss                                                                                                                              |   |                                  | (6,993   | )      |                  |   | (8,998 | ) |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Retained earnings                                                                                                                                                 |   |                                  | 922,790  |   |                  |   | 693,333 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Treasury stock at cost — 43,095 and 35,313 shares                                                                                                      |   |                                  | (654,494 | )      |                  |   | (476,131 | ) |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Total stockholders’ equity                                                                                                                                  |   |                                  | 434,489  |   |                  |   | 355,060 |   |
|                                                                                                                                                              |   |                                  |     |   |                  |   |   |   |
| Total liabilities and stockholders’ equity                                                                                                                  |   | $                                     | 792,309  |   |                  | $      | 657,919 |   |

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AÉROPOSTALE, INC. AND SUBSIDIARIES

|                                                                        |   | Fiscal Year Ended                     |      |
|-----------------------------------------------------------------------------|--------|---------------------------------------|-----------|
|                                                                   |   | January 30,2010                  |      |   | January 31, 2009 |   |   | February 2, 2008 |   |
|                                                                        |   | (In thousands, except per share data) |      |
| Net sales                                                                   |   | $                                     | 2,230,105 |   |   | $ | 1,885,531 |   |   | $ | 1,590,883 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Cost of sales (includes certain buying, occupancy and warehousing expenses) |   |                                  | 1,382,958 |   |   |   | 1,231,349 |   |   |   | 1,037,680 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Gross profit                                                                |   |                                  | 847,147   |   |   |   | 654,182 |   |   |   | 553,203 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses                                |   |                                  | 464,462   |   |   |   | 405,883 |   |   |   | 345,805 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Jimmy’Z asset impairment charges                                      |   |                                  | —   |   |   |   | — |   |   |   | 9,023 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Other operating income                                                      |   |                                  | —   |   |   |   | — |   |   |   | 4,078 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Income from operations                                                      |   |                                  | 382,685   |   |   |   | 248,299 |   |   |   | 202,453 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Interest income                                                             |   |                                  | 121       |   |   |   | 510 |   |   |   | 6,550 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                                  |   |                                  | 382,806   |   |   |   | 248,809 |   |   |   | 209,003 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Income taxes                                                                |   |                                  | 153,349   |   |   |   | 99,387 |   |   |   | 79,806 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Net income                                                                  |   | $                                     | 229,457   |   |   | $ | 149,422 |   |   | $ | 129,197 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Basic earnings per common share                                             |   | $                                     | 2.30      |   |   | $ | 1.49 |   |   | $ | 1.16 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Diluted earnings per common share                                           |   | $                                     | 2.27      |   |   | $ | 1.47 |   |   | $ | 1.15 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Weighted average basic shares                                               |   |                                  | 99,629    |   |   |   | 100,248 |   |   |   | 111,473 |   |
|                                                                        |   |                                  |      |   |   |   |   |   |   |   |   |   |
| Weighted average diluted shares                                             |   |                                  | 101,025   |   |   |   | 101,364 |   |   |   | 112,269 |   |

|                                                   |   | Fiscal Year Ended    |    |
|--------------------------------------------------------|--------|----------------------|---------|
|                                              |   | January 30,2010 |    |   | January 31, 2009 |   |   | February 2, 2008 |   |
|                                                   |   | (In thousands)       |    |
| Net income                                             |   | $                    | 229,457 |   |   | $ | 149,422 |   |   | $ | 129,197 |   |
|                                                   |   |                 |    |   |   |   |   |   |   |   |   |   |
| Pension liability (net of tax of $598, $321, and $229) |   |                 | (712    | ) |   |   | (474 | ) |   |   | (582 | ) |
|                                                   |   |                 |    |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                |   |                 | 2,717   |   |   |   | (3,874 | ) |   |   | 1,206 |   |
|                                                   |   |                 |    |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                   |   | $                    | 231,462 |   |   | $ | 145,074 |   |   | $ | 129,821 |   |

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AÉROPOSTALE, INC. AND SUBSIDIARIES

|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |
|--------------------------------------------------|--------|----------------|---------|--------|------------|--------|---------|----------|--------|--------|---------------|--------|--------|----------|---------|--------|--------|--------|
|                                             |   |           |    |   |       |   |    | Treasury |   |   | Accumulated   |   |   |     |    |   |   |   |
|                                             |   |           |    |   | Additional |   |    | Stock,   |   |   | Other         |   |   |     |    |   |   |   |
|                                             |   | Common Stock   |    |   | Paid-in    |   |    | at Cost  |   |   | Comprehensive |   |   | Retained |    |   |   |   |
|                                             |   | Shares         |    |   | Amount     |   |    | Capital  |   |   | Shares        |   |   | Amount   |    |   | Loss   |   |   | Earnings |   |   | Total |   |
|                                             |   | (In thousands) |    |
| BALANCE, FEBRUARY 4, 2007                   |   |           | 133,497 |   |       | $      | 1,335   |     |   | $      | 100,687       |   |   |     | (17,297 | )      |   | $      | (199,548 | ) |   | $ | (5,274 | ) |   | $ | 414,916 |   |   | $ | 312,116 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                       |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | 129,197 |   |   |   | 129,197 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options exercised                          |   |           | 1,208   |   |       |   | 12      |     |   |   | 8,016         |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 8,028 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pension liability (net of tax of $229)           |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | (582 | ) |   |   | — |   |   |   | (582 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Excess tax benefit from stock-based compensation |   |           | — |   |       |   | — |     |   |   | 5,519         |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 5,519 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adoption of ASC 740-10                           |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | (202 | ) |   |   | (202 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repurchase of common stock                       |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | (17,498 | )      |   |   | (266,692 | ) |   |   | — |   |   |   | — |   |   |   | (266,692 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation                         |   |           | — |   |       |   | — |     |   |   | 9,381         |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 9,381 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment          |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | 1,206 |   |   |   | — |   |   |   | 1,206 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vesting of stock                                 |   |           | 157     |   |       |   | 2       |     |   |   | (1            | )      |   |     | (41     | )      |   |   | (696 | ) |   |   | — |   |   |   | — |   |   |   | (695 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE, FEBRUARY 2, 2008                   |   |           | 134,862 |   |       |   | 1,349   |     |   |   | 123,602       |   |   |     | (34,836 | )      |   |   | (466,936 | ) |   |   | (4,650 | ) |   |   | 543,911 |   |   |   | 197,276 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                       |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | 149,422 |   |   |   | 149,422 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options exercised                          |   |           | 378     |   |       |   | 4       |     |   |   | 3,750         |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 3,754 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pension liability (net of tax of $321)           |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | (474 | ) |   |   | — |   |   |   | (474 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Excess tax benefit from stock-based compensation |   |           | — |   |       |   | — |     |   |   | 1,482         |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 1,482 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repurchase of common stock                       |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | (312    | )      |   |   | (6,681 | ) |   |   | — |   |   |   | — |   |   |   | (6,681 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation                         |   |           | — |   |       |   | — |     |   |   | 16,666        |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 16,666 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment          |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | (3,874 | ) |   |   | — |   |   |   | (3,874 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vesting of stock                                 |   |           | 468     |   |       |   | 5       |     |   |   | (2            | )      |   |     | (165    | )      |   |   | (2,514 | ) |   |   | — |   |   |   | — |   |   |   | (2,511 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE, JANUARY 31, 2009                   |   |           | 135,708 |   |       |   | 1,358   |     |   |   | 145,498       |   |   |     | (35,313 | )      |   |   | (476,131 | ) |   |   | (8,998 | ) |   |   | 693,333 |   |   |   | 355,060 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                       |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | 229,457 |   |   |   | 229,457 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options exercised                          |   |           | 845     |   |       |   | 8       |     |   |   | 10,461        |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 10,469 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pension liability (net of tax of $598)           |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | (712 | ) |   |   | — |   |   |   | (712 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Excess tax benefit from stock-based compensation |   |           | — |   |       |   | — |     |   |   | 1,184         |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 1,184 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repurchase of common stock                       |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | (7,583  | )      |   |   | (174,257 | ) |   |   | — |   |   |   | — |   |   |   | (174,257 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation                         |   |           | — |   |       |   | — |     |   |   | 14,673        |   |   |     | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 14,673 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment          |   |           | — |   |       |   | — |     |   |   | —       |   |   |     | — |   |   |   | — |   |   |   | 2,717 |   |   |   | — |   |   |   | 2,717 |   |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vesting of stock                                 |   |           | 537     |   |       |   | 5       |     |   |   | (1            | )      |   |     | (199    | )      |   |   | (4,106 | ) |   |   | — |   |   |   | — |   |   |   | (4,102 | ) |
|                                             |   |           |    |   |       |   |    |     |   |   |          |   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BALANCE, JANUARY 30, 2010                   |   |           | 137,090 |   |       | $      | 1,371   |     |   | $      | 171,815       |   |   |     | (43,095 | )      |   | $      | (654,494 | ) |   | $ | (6,993 | ) |   | $ | 922,790 |   |   | $ | 434,489 |   |

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AÉROPOSTALE, INC. AND SUBSIDIARIES

|                                                                              |   | Fiscal Year Ended    |     |
|-----------------------------------------------------------------------------------|--------|----------------------|----------|
|                                                                         |   | January 30,2010 |     |   | January  31, 2009 |   |   | February 2, 2008 |   |
|                                                                              |   | (In thousands)       |     |
| Cash Flows Provided by OperatingActivities                                        |   |                 |     |   |   |   |   |   |   |   |   |   |
| Net income                                                                        |   | $                    | 229,457  |   |   | $ | 149,422 |   |   | $ | 129,197 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                 |     |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                 | 52,851   |   |   |   | 45,773 |   |   |   | 36,756 |   |
| Stock-based compensation                                                          |   |                 | 14,673   |   |   |   | 16,666 |   |   |   | 9,381 |   |
| Amortization of tenant allowances                                                 |   |                 | (12,348  | ) |   |   | (11,745 | ) |   |   | (10,315 | ) |
| Amortization of deferred rent expense                                             |   |                 | 1,366    |   |   |   | 2,357 |   |   |   | 2,427 |   |
| Pension expense                                                                   |   |                 | 3,361    |   |   |   | 2,757 |   |   |   | 2,202 |   |
| Deferred income taxes                                                             |   |                 | (4,170   | ) |   |   | 3,022 |   |   |   | (12,990 | ) |
| Jimmy’Z asset impairment charges                                            |   |                 | —  |   |   |   | — |   |   |   | 9,023 |   |
| Excess tax benefits from stock-based compensation                                 |   |                 | (1,184   | ) |   |   | (1,482 | ) |   |   | (5,519 | ) |
| Other                                                                             |   |                 | —  |   |   |   | — |   |   |   | 1,217 |   |
| Changes in operating assets and liabilities:                                      |   |                 |     |   |   |   |   |   |   |   |   |   |
| Merchandise inventory                                                             |   |                 | (5,599   | ) |   |   | 9,063 |   |   |   | (35,002 | ) |
| Prepaid expenses and other assets                                                 |   |                 | (1,308   | ) |   |   | (5,202 | ) |   |   | (4,447 | ) |
| Accounts payable                                                                  |   |                 | 13,210   |   |   |   | (21,717 | ) |   |   | 35,451 |   |
| Accrued expenses and other liabilities                                            |   |                 | 44,131   |   |   |   | 13,221 |   |   |   | 13,700 |   |
| Net cash provided by operatingactivities                                     |   |                 | 334,440  |   |   |   | 202,135 |   |   |   | 171,081 |   |
|                                                                              |   |                 |     |   |   |   |   |   |   |   |   |   |
| Cash Flows Used for Investing Activities                                          |   |                 |     |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                                              |   |                 | (53,883  | ) |   |   | (83,035 | ) |   |   | (82,306 | ) |
| Purchase of short-term investments                                                |   |                 | —  |   |   |   | — |   |   |   | (313,572 | ) |
| Proceeds from sale of short-term investments                                      |   |                 | —  |   |   |   | — |   |   |   | 389,795 |   |
| Net cash used for investingactivities                                        |   |                 | (53,883  | ) |   |   | (83,035 | ) |   |   | (6,083 | ) |
|                                                                              |   |                 |     |   |   |   |   |   |   |   |   |   |
| Cash Flows Used for Financing Activities                                          |   |                 |     |   |   |   |   |   |   |   |   |   |
| Purchase of treasury stock                                                        |   |                 | (174,257 | ) |   |   | (6,681 | ) |   |   | (266,692 | ) |
| Proceeds from stock options exercised                                             |   |                 | 10,469   |   |   |   | 3,754 |   |   |   | 8,020 |   |
| Excess tax benefits from stock-based compensation                                 |   |                 | 1,184    |   |   |   | 1,482 |   |   |   | 5,519 |   |
| Borrowings under revolving credit facility                                        |   |                 | —  |   |   |   | — |   |   |   | 31,300 |   |
| Repayments under revolving credit facility                                        |   |                 | —  |   |   |   | — |   |   |   | (31,300 | ) |
| Net cash used for financingactivities                                        |   |                 | (162,604 | ) |   |   | (1,445 | ) |   |   | (253,153 | ) |
|                                                                              |   |                 |     |   |   |   |   |   |   |   |   |   |
| Effect of exchange rate changes                                                   |   |                 | 493      |   |   |   | (1,052 | ) |   |   | 18 |   |
|                                                                              |   |                 |     |   |   |   |   |   |   |   |   |   |
| Net Increase (Decrease) in Cash and CashEquivalents                               |   |                 | 118,446  |   |   |   | 116,603 |   |   |   | (88,137 | ) |
|                                                                              |   |                 |     |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents, Beginning ofYear                                  |   |                 | 228,530  |   |   |   | 111,927 |   |   |   | 200,064 |   |
|                                                                              |   |                 |     |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents, End ofYear                                        |   | $                    | 346,976  |   |   | $ | 228,530 |   |   | $ | 111,927 |   |
|                                                                              |   |                 |     |   |   |   |   |   |   |   |   |   |
| Supplemental Disclosures of Cash FlowInformation:                                 |   |                 |     |   |   |   |   |   |   |   |   |   |
| Interest paid                                                                     |   | $                    | —  |   |   | $ | — |   |   | $ | 110 |   |
| Income taxes paid                                                                 |   | $                    | 139,019  |   |   | $ | 112,469 |   |   | $ | 102,051 |   |
| Accruals related to purchases of property and equipment                           |   | $                    | 696      |   |   | $ | 785 |   |   | $ | 313 |   |

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AÉROPOSTALE, INC. AND SUBSIDIARIES

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| Fixtures and equipment                                                                                                             | 10 years                         |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|
| Leasehold improvements                                                                                                             | Lesser of 10 years or lease term |
| Computer equipment                                                                                                                 | 5 years                          |
| Software                                                                                                                           | 3 years                          |

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|                                         |   | Fiscal |      |
|----------------------------------------------|--------|--------|-----------|
|                                         |   | 2009   |      |   | 2008 |   |   | 2007 |   |
| Net sales:                                   |   |   |      |   |   |   |   |   |   |
|      United States1 |   | $      | 2,141,247 |   |   | $ | 1,840,238 |   |   | $ | 1,577,189 |   |
|      Canada         |   |   | 88,858    |   |   |   | 45,293 |   |   |   | 13,694 |   |
| Total net sales                              |   | $      | 2,230,105 |   |   | $ | 1,885,531 |   |   | $ | 1,590,883 |   |

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|                                        |   | January 30, 2010 |    |   | January 31, 2009 |   |
|---------------------------------------------|--------|-----------------------|---------|--------|-----------------------|--------|
| Long-lived assets, net:                     |   |                  |    |   |                  |   |
|      United States |   | $                     | 228,491 |   |                  | $      | 234,367 |   |
|      Canada        |   |                  | 23,067  |   |                  |   | 14,632 |   |
| Total long-lived assets, net                |   | $                     | 251,558 |   |                  | $      | 248,999 |   |

|                    |   | Fiscal |   |
|-------------------------|--------|--------|--------|
| Merchandise Categories  |   | 2009   |   |   | 2008 |   |   | 2007 |   |
| Young Women’s     |   |   | 70     | % |   |   | 71 | % |   |   | 72 | % |
| Young Men’s       |   |   | 30     |   |   |   | 29 |   |   |   | 28 |   |
| Total Merchandise Sales |   |   | 100    | % |   |   | 100 | % |   |   | 100 | % |

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|                            |   | Quoted Prices in Active Markets for Identical Assets (Level 1) |    |   | Significant Other Observable Inputs (Level 2) |   |    | Significant Unobservable Inputs (Level 3) |   |   |   Total Fair Value |   |   |   Total Losses |    |
|---------------------------------|--------|----------------------------------------------------------------|---------|--------|-----------------------------------------------|--------|---------|-------------------------------------------|--------|--------|------------------------------|--------|--------|--------------------------|---------|
|                            |   | (In thousands)                                                 |    |
| Long-lived assets held and used |   | $                                                              | — |   |                                          | $      | — |                                      |   | $      | —                      |   |   | $                        | — |   |   | $ | 2,988 |   |

|                                                      |   | January 30, 2010 |     |   | January 31, 2009 |   |   | February 2, 2008 |   |
|-----------------------------------------------------------|--------|-----------------------|----------|--------|-----------------------|--------|--------|-----------------------|--------|
|                                                      |   |                  |     |   |                  |   |   |                  |   |
| Pension liability, net of tax                             |   | $                     | (7,042   | )      |                  | $      | (6,330 | )                     |   | $ | (5,856 | ) |
| Cumulative foreign currency translation adjustment1  |   |                  |  49 |   |                  |   | (2,668 | )                     |   |   | 1,206 |   |
| Total accumulated other comprehensive loss                |   | $                     | (6,993   | )      |                  | $      | (8,998 | )                     |   | $ | (4,650 | ) |

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|                                           |   | January 30, 2010 |    |   | January 31, 2009 |   |
|------------------------------------------------|--------|-----------------------|---------|--------|-----------------------|--------|
| Leasehold improvements                         |   | $                     | 269,809 |   |                  | $      | 248,724 |   |
| Fixtures and equipment                         |   |                  | 118,591 |   |                  |   | 109,158 |   |
| Computer equipment and software                |   |                  | 68,561  |   |                  |   | 55,503 |   |
| Construction in progress                       |   |                  | 696     |   |                  |   | 1,339 |   |
|                                           |   |                  | 457,657 |   |                  |   | 414,724 |   |
| Less accumulated depreciation and amortization |   |                  | 206,099 |   |                  |   | 165,725 |   |
|                                           |   | $                     | 251,558 |   |                  | $      | 248,999 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | January 30, 2010 |    |   | January 31, 2009 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|---------|--------|-----------------------|--------|
| Accrued compensation                                                                                                                           |   | $                     | 32,682  |   |                  | $      | 30,043 |   |
| Income taxes payable                                                                                                                           |   |                  | 26,867  |   |                  |   | 10,862 |   |
| Accrued gift cards                                                                                                                             |   |                  | 24,559  |   |                  |   | 19,349 |   |
| Current portion of SERP liability                                                                                                              |   |                  | 17,080  |   |                  |   | — |   |
| Accrued rent                                                                                                                                   |   |                  | 16,804  |   |                  |   | 13,748 |   |
| Other                                                                                                                                          |   |                  | 32,998  |   |                  |   | 24,188 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                     | 150,990 |   |                  | $      | 98,190 |   |

|   | • |   | incur additional debt or encumber assets of the Company;      |
|--------|---------|--------|---------------------------------------------------------------|
|   |    |   |                                                          |
|   | • |   | merge with or acquire other companies, liquidate or dissolve; |
|   |    |   |                                                          |
|   | • |   | sell, transfer, lease or dispose of assets; and               |
|   |    |   |                                                          |
|   | • |   | make loans or guarantees.                                     |

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|                            |   | Fiscal |    |
|---------------------------------|--------|--------|---------|
|                            |   | 2009   |    |   | 2008 |   |   | 2007 |   |
| Net income                      |   | $      | 229,457 |   |   | $ | 149,422 |   |   | $ | 129,197 |   |
| Weighted average basic shares   |   |   | 99,629  |   |   |   | 100,248 |   |   |   | 111,473 |   |
| Impact of dilutive securities   |   |   | 1,396   |   |   |   | 1,116 |   |   |   | 796 |   |
| Weighted average diluted shares |   |   | 101,025 |   |   |   | 101,364 |   |   |   | 112,269 |   |
| Per common share:               |   |   |    |   |   |   |   |   |   |   |   |   |
| Basic earnings per share        |   | $      | 2.30    |   |   | $ | 1.49 |   |   | $ | 1.16 |   |
| Diluted earnings per share      |   | $      | 2.27    |   |   | $ | 1.47 |   |   | $ | 1.15 |   |

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|                                            |   |    Shares |    |   |   Weighted AverageExercise Price |   |    | Weighted-AverageRemainingContractual Term |   |   | AggregateIntrinsicValue |   |
|-----------------------------------------------------------|--------|---------------------|---------|--------|---------------------------------------|--------|---------|-------------------------------------------|--------|--------|-------------------------|--------|
|                                                      |   | (In thousands)      |    |   |                                  |   |    | (In years)                                |   |   | (In millions)           |   |
| Outstanding as of February 1, 2009                   |   |                | 2,175   |   |                                  | $      | 13.91   |                                      |   |   |                    |   |   |   |
| Granted                                                   |   |                | — |   |                                  | $      | — |                                      |   |   |                    |   |   |   |
| Exercised                                                 |   |                | (844    | )      |                                  | $      | 12.40   |                                      |   |   |                    |   |   |   |
| Cancelled                                                 |   |                | (20     | )      |                                  | $      | 16.65   |                                      |   |   |                    |   |   |   |
| Outstanding as of January 30, 2010                   |   |                | 1,311   |   |                                  | $      | 14.85   |                                      |   |   | 4.31                    |   |   | $ | 9.3 |   |
| Options vested and expected to vest 1 at January 30, 2010 |   |                | 1,214   |   |                                  | $      | 14.67   |                                      |   |   | 4.31                    |   |   | $ | 8.8 |   |
| Exercisable as of January 30, 2010                   |   |                | 700     |   |                                  | $      | 13.03   |                                      |   |   | 3.55                    |   |   | $ | 6.2 |   |

|                         |   |    Shares |    |   | Weighted AverageGrant-DateFair Value |   |
|----------------------------------------|--------|---------------------|---------|--------|--------------------------------------|--------|
|                                   |   | (In thousands)      |    |
| Non-vested as of February 1, 2009      |   |                | 1,100   |   |                                 | $      | 7.54 |   |
| Granted                                |   |                | — |   |                                 | $      | — |   |
| Vested                                 |   |                | (472    | )      |                                 | $      | 7.15 |   |
| Cancelled                              |   |                | (17     | )      |                                 | $      | 7.98 |   |
| Non-vested as of January 30, 2010 |   |                | 611     |   |                                 | $      | 7.83 |   |

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|                     |   |     Shares |   |   | Weighted-AverageGrant-DateFair Value |   |
|-----------------------------------------|--------|---------------------------|--------|--------|--------------------------------------|--------|
|                                    |   | (In thousands)            |   |
| Outstanding as of February 1, 2009 |   |                      | 1,092  |   |                                 | $      | 16.75 |   |
| Granted                                 |   |                      | 449    |   |                                 | $      | 19.52 |   |
| Vested                                  |   |                      | (537   | )      |                                 | $      | 15.31 |   |
| Cancelled                               |   |                      | (24    | )      |                                 | $      | 18.74 |   |
| Outstanding as of January 30, 2010 |   |                      | 980    |   |                                 | $      | 18.76 |   |

|                     |   |     Shares |    |   | Weighted-AverageGrant-DateFair Value |   |
|-----------------------------------------|--------|---------------------------|---------|--------|--------------------------------------|--------|
|                                    |   | (In thousands)            |    |
| Outstanding as of February 1, 2009 |   |                      | 239     |   |                                 | $      | 18.20 |   |
| Granted                                 |   |                      | 440     |   |                                 | $      | 16.85 |   |
| Vested                                  |   |                      | — |   |                                 |   | — |   |
| Cancelled                               |   |                      | (15     | )      |                                 | $      | 16.65 |   |
| Outstanding as of January 30, 2010 |   |                      | 664     |   |                                 | $      | 17.35 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | January 30, 2010 |      |   | January 31, 2009 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|-----------|--------|-----------------------|--------|
| Supplemental Executive Retirement Plan (“SERP”)                                                                                                              |   | $                     | 25,282    |   |                  | $      | 21,224 |   |
| Long-term incentive deferred compensation plan                                                                                                                           |   |                  | 935       |   |                  |   | 591 |   |
| Postretirement benefit plan                                                                                                                                              |   |                  |  923 |   |                  |   | 655 |   |
| Total                                                                                                                                                                    |   |                  | 27,140    |   |                  |   | 22,470 |   |
| Less amount classified in accrued expenses related to SERP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                  | 17,080    |   |                  |   | — |   |
| Long-term retirement benefit plan liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                     | 10,060    |   |                  | $      | 22,470 |   |

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|                                                                                      |   | January 30, 2010 |          |   | January 31, 2009 |   |
|------------------------------------------------------------------------------------------------|--------|-----------------------|---------------|--------|-----------------------|--------|
| CHANGE IN BENEFIT OBLIGATION:                                                                  |   |                  |          |   |                  |   |
| Benefit obligation at beginning of period                                                      |   | $                     | 21,224        |   |                  | $      | 17,830 |   |
| Service cost                                                                                   |   |                  | 686           |   |                  |   | 655 |   |
| Interest cost                                                                                  |   |                  | 1,514         |   |                  |   | 1,146 |   |
| Plan amendments                                                                                |   |                  | —       |   |                  |   | — |   |
| Actuarial loss                                                                                 |   |                  | 1,858         |   |                  |   | 1,593 |   |
| Benefits paid                                                                                  |   |                  | —       |   |                  |   | — |   |
| Settlements                                                                                    |   |                  | —       |   |                  |   | — |   |
| Special termination benefits                                                                   |   |                  | —       |   |                  |   | — |   |
| Benefit obligation at end of period                                                            |   | $                     | 25,282        |   |                  | $      | 21,224 |   |
|                                                                                           |   |                  |          |   |                  |   |   |   |
| CHANGE IN PLAN ASSETS:                                                                         |   |                  |          |   |                  |   |   |   |
| Fair value of plan assets at beginning of period                                               |   | $                     | —       |   |                  | $      | — |   |
| Actual return on plan assets                                                                   |   |                  | —       |   |                  |   | — |   |
| Employer contributions                                                                         |   |                  | —       |   |                  |   | — |   |
| Benefits paid                                                                                  |   |                  | —       |   |                  |   | — |   |
| Settlements                                                                                    |   |                  |  — |   |                  |   |  — |   |
| Fair value of plan assets at end of period                                                     |   | $                     | —       |   |                  | $      | — |   |
|                                                                                           |   |                  |          |   |                  |   |   |   |
| Funded status at end of period                                                                 |   | $                     | (25,282       | )      |                  | $      | (21,224 | ) |
|                                                                                           |   |                  |          |   |                  |   |   |   |
| AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION:                                     |   |                  |          |   |                  |   |   |   |
| Noncurrent assets                                                                              |   | $                     | —       |   |                  | $      | — |   |
| Current liabilities                                                                            |   |                  | (17,080       | )      |                  |   | — |   |
| Noncurrent liabilities                                                                         |   |                  | (8,202        | )      |                  |   | (21,224 | ) |
|                                                                                           |   | $                     | (25,282       | )      |                  | $      | (21,224 | ) |
|                                                                                           |   |                  |          |   |                  |   |   |   |
| AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS:                                    |   |                  |          |   |                  |   |   |   |
| Net loss                                                                                       |   | $                     | 10,337        |   |                  | $      | 9,107 |   |
| Prior service cost                                                                             |   |                  | 759           |   |                  |   | 833 |   |
| Total                                                                                          |   | $                     | 11,096        |   |                  | $      | 9,940 |   |
|                                                                                           |   |                  |          |   |                  |   |   |   |
| INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS: |   |                  |          |   |                  |   |   |   |
| Projected benefit obligation                                                                   |   | $                     | 25,282        |   |                  | $      | 21,224 |   |
| Accumulated benefit obligation                                                                 |   |                  | 20,609        |   |                  |   | 17,240 |   |
| Fair value of plan assets                                                                      |   |                  | —       |   |                  |   | — |   |

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Table of Contents

|                                                                                         |   | Fiscal |      |
|----------------------------------------------------------------------------------------------|--------|--------|-----------|
|                                                                                         |   | 2009   |      |   | 2008 |   |   | 2007 |   |
| COMPONENTS OF NET PERIODIC BENEFIT COST:                                                     |   |   |      |   |   |   |   |   |   |
| Service cost                                                                                 |   | $      | 686       |   |   | $ | 655 |   |   | $ | 534 |   |
| Interest cost                                                                                |   |   | 1,514     |   |   |   | 1,146 |   |   |   | 901 |   |
| Expected return on plan assets                                                               |   |   | —   |   |   |   | — |   |   |   | — |   |
|                                                                                         |   |   |      |   |   |   |   |   |   |   |   |   |
| Amortization of prior service cost                                                           |   |   | 74        |   |   |   | 74 |   |   |   | 74 |   |
| Amortization of net loss                                                                     |   |   | 628       |   |   |   | 594 |   |   |   | 421 |   |
| Net periodic benefit cost                                                                    |   | $      | 2,902     |   |   | $ | 2,469 |   |   | $ | 1,930 |   |
|                                                                                         |   |   |      |   |   |   |   |   |   |   |   |   |
| OTHER CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE LOSS: |   |   |      |   |   |   |   |   |   |   |   |   |
| Net actuarial loss                                                                           |   | $      | 1,858     |   |   | $ | 1,593 |   |   | $ | 1,248 |   |
| Prior service cost                                                                           |   |   | —   |   |   |   | — |   |   |   | — |   |
| Amortization of net loss                                                                     |   |   | (628      | ) |   |   | (594 | ) |   |   | (421 | ) |
| Amortization of prior service cost                                                           |   |   |  (74 | ) |   |   |  (74 | ) |   |   |  (74 | ) |
| Total recognized in other comprehensive loss                                                 |   | $      | 1,156     |   |   | $ | 925 |   |   | $ | 753 |   |
| Total recognized in net periodic benefit cost and other comprehensive loss                   |   | $      | 4,058     |   |   | $ | 3,394 |   |   | $ | 2,683 |   |
|                                                                                         |   |   |      |   |   |   |   |   |   |   |   |   |
| WEIGHTED-AVERAGE ASSUMPTIONS USED:                                                           |   |   |      |   |   |   |   |   |   |   |   |   |
| Discount rate to determine benefit obligations                                               |   |   | 5.60      | % |   |   | 6.75 | % |   |   | 5.75 | % |
| Discount rate to determine net periodic pension cost                                         |   |   | 6.75      | % |   |   | 5.75 | % |   |   | 5.75 | % |
| Rate of compensation increase1                                                               |   |   | 4.50      | % |   |   | 4.50 | % |   |   | 4.50 | % |

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|            |   | SERP Plan |    |   | Postretirement Benefit Plan |   |
|-----------------|--------|-----------|---------|--------|-----------------------------|--------|
| 2010            |   | $         | 17,598  |   |                        | $      | 19 |   |
| 2011            |   |      | — |   |                        |   | 21 |   |
| 2012            |   |      | — |   |                        |   | 23 |   |
| 2013            |   |      | — |   |                        |   | 22 |   |
| 2014            |   |      | — |   |                        |   | 20 |   |
| Years 2015-2019 |   |      | 5,162   |   |                        |   | 182 |   |

|                                           |   | Fiscal |    |
|------------------------------------------------|--------|--------|---------|
|                                           |   | 2009   |    |   | 2008 |   |   | 2007 |   |
|                                           |   |   |    |   |   |   |   |   |   |
| Domestic                                       |   | $      | 376,773 |   |   | $ | 249,726 |   |   | $ | 210,016 |   |
| Foreign                                        |   |   | 6,033   |   |   |   | (917 | ) |   |   | (1,013 | ) |
| Total income before provision for income taxes |   | $      | 382,806 |   |   | $ | 248,809 |   |   | $ | 209,003 |   |

|                  |   | Fiscal |    |
|-----------------------|--------|--------|---------|
|                  |   | 2009   |    |   | 2008 |   |   | 2007 |   |
| Current:              |   |   |    |   |   |   |   |   |   |
|  Federal         |   | $      | 127,119 |   |   | $ | 78,823 |   |   | $ | 77,489 |   |
|  State and local |   |   | 28,865  |   |   |   | 17,376 |   |   |   | 15,227 |   |
|  Foreign         |   |   | 1,535   |   |   |   | 166 |   |   |   | 80 |   |
|                  |   |   | 157,519 |   |   |   | 96,365 |   |   |   | 92,796 |   |
| Deferred:             |   |   |    |   |   |   |   |   |   |   |   |   |
|  Federal         |   |   | (3,204  | ) |   |   | 4,012 |   |   |   | (8,831 | ) |
|  State and local |   |   | (1,479  | ) |   |   | (756 | ) |   |   | (3,775 | ) |
|  Foreign         |   |   | 513     |   |   |   | (234 | ) |   |   | (384 | ) |
|                  |   |   | (4,170  | ) |   |   | 3,022 |   |   |   | (12,990 | ) |
|                  |   | $      | 153,349 |   |   | $ | 99,387 |   |   | $ | 79,806 |   |

|                                            |   | Fiscal |   |
|-------------------------------------------------|--------|--------|--------|
|                                            |   | 2009   |   |   | 2008 |   |   | 2007 |   |
| Federal statutory rate                          |   |   | 35.0   | % |   |   | 35.0 | % |   |   | 35.0 | % |
| Increase (decrease) in tax resulting from:      |   |   |   |   |   |   |   |   |   |   |   |   |
| State income taxes, net of federal tax benefits |   |   | 4.5    |   |   |   | 4.2 |   |   |   | 3.6 |   |
| Other                                           |   |   | 0.6    |   |   |   | 0.7 |   |   |   | (0.4 | ) |
| Effective rate                                  |   |   | 40.1   | % |   |   | 39.9 | % |   |   | 38.2 | % |

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|                                                     |   | January 30, 2010 |         |   | January 31, 2009 |   |
|---------------------------------------------------------------|--------|-----------------------|--------------|--------|-----------------------|--------|
| Current:                                                      |   |                  |         |   |                  |   |
| Inventory                                                     |   | $                     | 1,889        |   |                  | $      | 1,212 |   |
| Unredeemed gift cards                                         |   |                  | 1,119        |   |                  |   | 1,261 |   |
| Accrued compensation                                          |   |                  | 9,766        |   |                  |   | 7,597 |   |
| Retirement benefit plan liabilities                           |   |                  | 6,985        |   |                  |   | — |   |
| Other                                                         |   |                  | 1,924        |   |                  |   | 675 |   |
|                                                          |   | $                     |  21,683 |   |                  | $      |  10,745 |   |
|                                                          |   |                  |         |   |                  |   |   |   |
| Non-current:                                                  |   |                  |         |   |                  |   |   |   |
| Furniture, equipment and improvements                         |   | $                     | (12,686      | )      |                  | $      | (11,813 | ) |
| Retirement benefit plan liabilities                           |   |                  | 3,844        |   |                  |   | 8,901 |   |
| Stock-based compensation                                      |   |                  | 9,810        |   |                  |   | 6,887 |   |
| Deferred rent and tenant allowances                           |   |                  | 1,925        |   |                  |   | 3,720 |   |
| Net operating loss carry-forwards (“NOL’s”) |   |                  | 2,147        |   |                  |   | 2,364 |   |
| Valuation allowances for NOL’s                          |   |                  | (281         | )      |                  |   | (551 | ) |
| Other                                                         |   |                  | 1,624        |   |                  |   | 3,001 |   |
|                                                          |   |                  | 6,383        |   |                  |   | 12,509 |   |
| Net deferred income tax assets                                |   | $                     |  28,066 |   |                  | $      |  23,254 |   |

|                                                             |   | Unrecognized Tax Benefits(In thousands) |   |
|------------------------------------------------------------------|--------|-----------------------------------------|--------|
| Balance at February 4, 2007                                      |   | $                                       | 8,956  |   |
| Increases due to tax positions related to prior years            |   |                                    | 94     |   |
| Increases due to tax positions related to current year           |   |                                    | 448    |   |
| Increases due to settlements with taxing authorities             |   |                                    | 286    |   |
| Decreases due to tax positions related to prior years            |   |                                    | (78    | ) |
| Decreases due to expiration  of statute of limitations |   |                                    | (112   | ) |
| Balance at February 2, 2008                                      |   |                                    | 9,594  |   |
| Increases due to tax positions related to prior years            |   |                                    | 485    |   |
| Increases due to tax positions related to current year           |   |                                    | 316    |   |
| Increases due to settlements with taxing authorities             |   |                                    | 229    |   |
| Decreases due to settlements with taxing authorities             |   |                                    | (8,487 | ) |
| Decreases due to tax positions related to prior years            |   |                                    | (180   | ) |
| Decreases due to expiration  of statute of limitations |   |                                    | (20    | ) |
| Balance at January 31, 2009                                      |   |                                    | 1,937  |   |
| Increases due to tax positions related to prior years            |   |                                    | 1,312  |   |
| Increases due to tax positions related to current year           |   |                                    | 139    |   |
| Decreases due to tax positions related to prior years            |   |                                    | (20    | ) |
| Decreases due to expiration  of statute of limitations |   |                                    | (84    | ) |
| Balance at January 30, 2010                                      |   | $                                       | 3,284  |   |

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| Due in Fiscal Year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Total  |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
| 2010                                                                                                                                                       |   | $      | 106,736 |   |
| 2011                                                                                                                                                       |   |   | 106,437 |   |
| 2012                                                                                                                                                       |   |   | 100,441 |   |
| 2013                                                                                                                                                       |   |   | 93,678  |   |
| 2014                                                                                                                                                       |   |   | 83,712  |   |
| Thereafter                                                                                                                                                 |   |   | 235,844 |   |
| Total                                                                                                                                                      |   | $      | 726,848 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Fiscal |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2009   |   |   | 2008 |   |   | 2007 |   |
| Minimum rentals for stores                                                                                                                           |   | $      | 97,889 |   |   | $ | 88,040 |   |   | $ | 77,640 |   |
| Contingent rentals                                                                                                                                   |   |   | 23,809 |   |   |   | 18,793 |   |   |   | 13,384 |   |
| Office space rentals                                                                                                                                 |   |   | 3,921  |   |   |   | 3,914 |   |   |   | 2,819 |   |
| Distribution centers rentals                                                                                                                         |   |   | 3,181  |   |   |   | 3,181 |   |   |   | 3,080 |   |
| Equipment rentals                                                                                                                                    |   |   | 3,070  |   |   |   | 1,981 |   |   |   | 1,234 |   |

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|   | • | concealed from management and our Board of Directors, and failed to disclose in corporate disclosure documents, his personal ownership interests in, and officer positions of, certain corporate entities affiliated with one of our primary vendors at the time, South Bay Apparel, Inc., |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | without the knowledge or authorization of our management, executed a corporate Guaranty Agreement in March 1999, that, had it been enforceable, would have obligated us to guarantee any payments due from South Bay Apparel, Inc. to Tricot Richelieu, Inc., an apparel manufacturer and vendor to South Bay Apparel, Inc., and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | failed to disclose unauthorized business relationships and transactions between immediate and extended family members of Mr. Finazzo and certain other of our vendors. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                       |   | 13 Weeks Ended  |    |
|----------------------------|--------|-----------------|---------|
|                  |   | May 2,2009 |    |   | August 1,2009 |   |   | October 31,2009 |   |   | January 30,2010 |   |
|                       |   |            |    |   |   |   |   |   |   |   |   |   |
| Fiscal 2009                |   |            |    |   |   |   |   |   |   |   |   |   |
| Net sales                  |   | $               | 408,024 |   |   | $ | 453,020 |   |   | $ | 567,838 |   |   | $ | 801,223 |   |
| Gross profit               |   |            | 147,890 |   |   |   | 165,692 |   |   |   | 222,917 |   |   |   | 310,648 |   |
| Net income                 |   |            | 31,675  |   |   |   | 38,589 |   |   |   | 62,629 |   |   |   | 96,564 |   |
| Basic earnings per share   |   |            | 0.31    |   |   |   | 0.38 |   |   |   | 0.62 |   |   |   | 1.00 |   |
| Diluted earnings per share |   |            | 0.31    |   |   |   | 0.38 |   |   |   | 0.61 |   |   |   | 0.99 |   |

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Table of Contents

|                       |   | 13 Weeks Ended  |    |
|----------------------------|--------|-----------------|---------|
|                  |   | May 3,2008 |    |   | August 2,2008 |   |   | November 1,2008 |   |   | January 31,2009 |   |
|                       |   |            |    |   |   |   |   |   |   |   |   |   |
| Fiscal 2008                |   |            |    |   |   |   |   |   |   |   |   |   |
| Net sales                  |   | $               | 336,332 |   |   | $ | 377,145 |   |   | $ | 482,037 |   |   | $ | 690,017 |   |
| Gross profit               |   |            | 111,278 |   |   |   | 125,936 |   |   |   | 173,451 |   |   |   | 243,517 |   |
| Net income                 |   |            | 17,498  |   |   |   | 21,053 |   |   |   | 42,646 |   |   |   | 68,225 |   |
| Basic earnings per share   |   |            | 0.17    |   |   |   | 0.21 |   |   |   | 0.43 |   |   |   | 0.68 |   |
| Diluted earnings per share |   |            | 0.17    |   |   |   | 0.21 |   |   |   | 0.42 |   |   |   | 0.67 |   |

Item 9.

Item 9A.

Item 9B.

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PART III

Item 10.

Item 11.

Item 12.

|       Plan Category          |   |     Number of Securities tobe Issued Upon Exerciseof Outstanding Options,Warrants and Rights(a) |      |   |    Weighted-AverageExercise Price ofOutstandingOptions, Warrantsand Rights(b) |   |    | Number of SecuritiesRemaining Availablefor Future IssuanceUnder EquityCompensation Plans(Excluding SecuritiesReflected in Column (a))(c) |   |
|------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|-----------|--------|-----------------------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by security holders     |   |                                                                                                           | 2,955,075 |   |                                                                                    | $      | 16.71   |                                                                                                                                     |   |   | 4,296,008 |   |
| Equity compensation plans not approved by security holders |   |                                                                                                           | —   |   |                                                                                    |   | — |                                                                                                                                     |   |   | — |   |
| Total                                                      |   |                                                                                                           | 2,955,075 |   |                                                                                    | $      | 16.71   |                                                                                                                                     |   |   | 4,296,008 |   |

Item 13.

Item 14.

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PART IV

Item 15.
 

| (a)    | 1. | The financial statements listed in the “Index to Consolidated Financial Statements” at page 27 are filed as a part of this Annual Report on Form 10-K                                                                            |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 2. | Financial Statement ScheduleSchedule II:  Valuation and Qualifying Accounts Financial statement schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto |
|   | 3. | Exhibits included or incorporated herein:See Exhibit Index                                                                                                                                                                                        |

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Table of Contents

EXHIBIT 

|                                                                    |                                                                                                                                                                                       |
|-------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Exhibit No.          |  Description                                                                                                                                                                          |
| 3.1                                                                     | Form of Amended and Restated Certificate of Incorporation.(1)                                                                                                                              |
| 3.2                                                                     | Form of Amended and Restated By-Laws. (2)                                                                                                                                                  |
| 4.1                                                                     | Specimen Common Stock Certificate. (1)                                                                                                                                                     |
| 10.1                                                                    | Aéropostale, Inc. Amended and Restated 1998 Stock Option Plan. (3)**                                                                                                                  |
| 10.2                                                                    | Aéropostale, Inc. Amended and Restated 2002 Long-Term Incentive Plan. (3)**                                                                                                           |
| 10.3                                                                    | Employment Agreement, dated and effective on September 23 2009, between Aéropostale, Inc. and Michael J. Cunningham.(4)**                                                             |
| 10.4                                                                    | Employment Agreement, dated and effective on September 23, 2009, between Aéropostale, Inc. and Thomas P. Johnson.(4)**                                                                |
| 10.5                                                                    | Employment Agreement, dated as of January 30, 2008, between Aéropostale, Inc. and Julian R. Geiger.(6)**                                                                              |
| 10.6                                                                    | Employment Agreement, dated and effective on September 23, 2009, between Aéropostale, Inc. and Mindy Meads.(4)**                                                                      |
| 10.7                                                                    | Second Amended and Restated Loan and Security Agreement, dated November 13, 2007, by and between Bank of America, N.A. and Aéropostale, Inc.(5)                                       |
| 10.8                                                                    | Collared Forward Repurchase Agreement, dated November 12, 2007, by and between Bank of America, N.A. and Aéropostale, Inc.(5)                                                         |
| 10.9                                                                    | Employment Agreement, dated as of January 30, 2008, between Aéropostale, Inc. and Julian R. Geiger.(6)**                                                                              |
| 21                                                                      | Subsidiaries of the Company.*                                                                                                                                                              |
| 23.1                                                                    | Consent of Deloitte & Touche LLP.*                                                                                                                                                |
| 31.1                                                                    | Certification by Thomas P. Johnson, Co Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                            |
| 31.1                                                                    | Certification by Mindy C. Meads, Co Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                               |
| 31.2                                                                    | Certification by Michael J. Cunningham, President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                             |
| 32.1                                                                    | Certification by Thomas P. Johnson, Co Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*** |
| 32.1                                                                    | Certification by Mindy C. Meads, Co Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***    |
| 32.2                                                                    | Certification by Michael J. Cunningham pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***                         |

| *      | Filed herewith.                                                                                                                                                                           |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **     | Management contract or compensatory plan.                                                                                                                                                 |
| ***    | Furnished, not filed.                                                                                                                                                                     |
|   |                                                                                                                                                                                      |
| (1)    | Incorporated by reference to the Registration Statement on Form S-1, as amended, originally filed by Aéropostale, Inc. on March 8, 2002 (Registration No. 333-84056). |
|   |                                                                                                                                                                                      |
| (2)    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 15, 2010 (File No. 001-31314).                                                      |
|   |                                                                                                                                                                                      |
| (3)    | Incorporated by reference to the Registrant’s Proxy Statement, dated May 5, 2006 (File No. 001-31314).                                                                         |
|   |                                                                                                                                                                                      |
| (4)    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated September 25, 2009 (File No. 001-31314).                                                  |
|   |                                                                                                                                                                                      |
| (5)    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated November 15, 2007 (File No. 001-31314).                                                   |
|   |                                                                                                                                                                                      |
| (6)    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated January 31, 2008 (File No. 001-31314).                                                    |

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SIGNATURES

| Signature                                        | Title                                 | Date           |
|--------------------------------------------------|---------------------------------------|----------------|
|                                             |                                  |           |
| /s/  THOMAS P. JOHNSON                 | Co-Chief Executive Officer            | March 29, 2010 |
| Thomas P. Johnson                                | and Director                          |           |
|                                             |                                  |           |
| /s/  MINDY C. MEADS                    | Co-Chief Executive Officer            | March 29, 2010 |
| Mindy C. Meads                                   | and Director                          |           |
|                                             |                                  |           |
| /s/  MICHAEL J. CUNNINGHAM             | President and Chief Financial Officer | March 29, 2010 |
| Michael J. Cunningham                            | (Principal Financial Officer)         |           |
|                                             |                                  |           |
| /s/  ROSS A. CITTA                     | Group Vice President                  | March 29, 2010 |
| Ross A. Citta                                    | and Chief Accounting Officer          |           |
|                                             | (Principal Accounting Officer)        |           |
|                                             |                                  |           |
| /s/  JULIAN R. GEIGER                  | Chairman of the Board                 | March 29, 2010 |
| Julian R. Geiger                                 |   of Directors                   |           |
|                                             |                                  |           |
| /s/  BODIL ARLANDER                    | Director                              | March 29, 2010 |
| Bodil Arlander                                   |                                  |           |
|                                             |                                  |           |
| /s/  RONALD R. BEEGLE                  | Director                              | March 29, 2010 |
| Ronald R. Beegle                                 |                                  |           |
|                                             |                                  |           |
| /s/  ROBERT B. CHAVEZ                  | Director                              | March 29, 2010 |
| Robert B. Chavez                                 |                                  |           |
|                                             |                                  |           |
| /s/  EVELYN DILSAVER                   | Director                              | March 29, 2010 |
| Evelyn Dilsaver                                  |                                  |           |
|                                             |                                  |           |
| /s/  JOHN N. HAUGH                     | Director                              | March 29, 2010 |
| John N. Haugh                                    |                                  |           |
|                                             |                                  |           |
| /s/  KARIN HIRTLER — GARVEY | Director                              | March 29, 2010 |
| Karin Hirtler — Garvey                |                                  |           |
|                                             |                                  |           |
| /s/  JOHN D. HOWARD                    | Director                              | March 29, 2010 |
| John D. Howard                                   |                                  |           |
|                                             |                                  |           |
| /s/  DAVID B. VERMYLEN                 | Director                              | March 29, 2010 |
| David B. Vermylen                                |                                  |           |

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|  Reserve for Sales Returns:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Balance Beginningof Period |   |   | Amounts Chargedto Net Income |   |   | Write-offs AgainstReserve |   |   | Balance Endof Period |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|------------------------------|--------|--------|---------------------------|--------|--------|----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (In thousands)             |   |
| Year Ended January 30, 2010                                                                                 |   | $                          | 852    |   |                         | $      | 802    |                      |   | $      | 762                  |   |   | $ | 892 |   |
| Year Ended January 31, 2009                                                                                 |   | $                          | 641    |   |                         | $      | 939    |                      |   | $      | 728                  |   |   | $ | 852 |   |
| Year Ended February 2, 2008                                                                                 |   | $                          | 630    |   |                         | $      | 569    |                      |   | $      | 558                  |   |   | $ | 641 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                       |   |   |                         |   |   |                      |   |   |                 |   |   |   |   |   |

|  Valuation Allowance for State Deferred Tax Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Balance Beginningof Period |   |   | Amounts Chargedto Net Income |   |   | Write-offs AgainstReserve |   |   | Balance Endof Period |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|------------------------------|--------|--------|---------------------------|--------|--------|----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (In thousands)             |   |
| Year Ended January 30, 2010                                                                                 |   | $                          | 551    |   |                         | $      | (270   | )                         |   | $      | —              |   |   | $ | 281 |   |
| Year Ended January 31, 2009                                                                                 |   | $                          | 462    |   |                         | $      | 89     |                      |   | $      | —              |   |   | $ | 551 |   |
| Year Ended February 2, 2008                                                                                 |   | $                          | 652    |   |                         | $      | (190   | )                         |   | $      | —              |   |   | $ | 462 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                       |   |   |                         |   |   |                      |   |   |                 |   |   |   |   |   |

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