UPDATE 1-Aeropostale beats by a penny, sales up 20 pct

* Q2 EPS 57 cents vs Street's view for 56 cents

* Q2 revenue up 20 pct but shy of Wall Street view

* Sees Q3 EPS 76 cts-78 cts; Street was expecting 76 cts

* Shares down 1.1 pct in extended trade

SAN FRANCISCO, Aug 20 (Reuters) - Aeropostale Inc (ARO.N) said on Thursday that quarterly net income rose 83 percent, beating its own estimate, as its bargain-priced back-to-school fashions resonated with young shoppers.

But the teen apparel retailer's shares fell 1.1 percent in after-hours trading as its second-quarter revenue was a hair shy of Wall Street estimates and it forecast a current quarter profit that was in line with analysts' estimates.

Aeropostale has been one of the few apparel retailers to consistently post higher monthly sales amid the downturn that has caused shoppers to sharply pull back on purchases.

Its lower-priced fashions have been a hit with teens and their budget-conscious parents, and rivals from American Eagle Outfitters Inc (AEO.N) to Abercrombie & Fitch Co (ANF.N) have been forced to lower prices to compete.

Net profit in the company's second quarter ended August 1 was $38.6 million, or 57 cents per share, compared with $21.1 million, or 31 cents per share, a year earlier.

Analysts, on average, had been expecting earnings of 56 cents per share, according to Reuters Estimates.

Earlier this month, Aeropostale said it expected earnings to range from 54 cents to 55 cents per share, from an earlier range of 45 cents to 47 cents.

Revenue rose 20 percent to $453.0 million, just shy of the $453.7 million expected by Wall Street.

Aeropostale has been one of the few apparel retailers to consistently post higher monthly sales amid the downturn that has caused shoppers to sharply pull back on purchases.

Its lower-priced fashions have been a hit with teens and their budget-conscious parents, and rivals from American Eagle Outfitters Inc (AEO.N) to Abercrombie & Fitch Co (ANF.N) have been forced to lower prices to compete.

Looking ahead, Aeropostale said it expects third-quarter earnings of 76 cents to 78 cents per share. Analysts have been expecting 76 cents per share.

Shares slipped 38 cents after hours to $35.50 after closing on the New York Stock Exchange at $35.88.

(Reporting by Alexandria Sage; Editing Bernard Orr)