Sector Snap: Teen apparel

Shares of many teen retailers fell Thursday after they reported weak July same-store sales as rebate checks dried up and consumers continued to shop cautiously.

Abercrombie & Fitch Co. was one of the weaker performers. Same-store sales dropped 7 percent, worse than the 1.4 percent drop analysts expected, hurt by declines at its Hollister Co. and Ruehl stores. Shares fell $5.21, or 9.4 percent, to $50.51 in midday trading.

Wet Seal said same-store sales fell 8.2 percent, while analysts expected a 2.5 percent drop. Shares fell 29 cents, or 6.3 percent, to $4.32.

American Eagle Outfitters Inc. said same-store sales fell 7 percent, while analysts expected a 2.5 percent decline. Shares fell 75 cents, or 5.2 percent to $13.65.

Even retailers who reported strong same-store sales saw shares fall. The Buckle Inc. reported July same-store sales rose 20.9 percent, but its shares dropped $5.11, or 10 percent, to $45.33.

Aeropostale Inc. said same-store sales rose 13 percent, ahead of the 8.2 percent rise analysts expected. But its shares fell 12 cents to $33.28.