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— Weak results from teen apparel retailers for October showed Thursday that even teens — along with their parents — are cutting back on spending in the tough economy.
Teen apparel retailer's same-store sales — or sales in stores open at least one year — fell 7.7 percent overall, according to a poll by Thomson Reuters, while analysts expected a 5.6 percent drop.
Abercrombie & Fitch Inc. — which has held its prices steady as competitors have focused on value — reported one of the biggest misses. The retailer said same-store sales fell 20 percent in, a bigger drop than the 14.4 percent decline analysts expected.
Abercrombie shares rose 18 cents to $26.96 in midday trading.
American Eagle Outfitters Inc. said same-store sales fell 12 percent, while analysts had expected an 8 percent decline. The company lowered its third-quarter guidance below analysts projections.
American Eagle shares rose 6 cents to $10.23.
Aeropostale Inc., which has fared better than its peers due to its focus on value, said same-store sales rose 1 percent, but that fell short of the 2.9 percent rise analysts expected.
Shares fell 69 cents to $21.49.
The Buckle Inc., usually an outperformer, said same-store sales rose 14.5 percent, matching expectations. Shares rose 66 cents to $25.22.
Wet Seal Inc. said same-store sales fell 6.2 percent on weakness at its Arden B chain, better than the 8.6 percent decline predicted by analysts. Shares rose 12 cents to $2.82.
