Once again, teen apparel retailers reported some of the best _ and worst _ same-store sales results in April, with stores that are offering lower-priced fashion leading the way.
However, shares fell across the board as the broader market tumbled.
Aeropostale Inc. same-store sales, or sales in stores open at least one year, rose 20 percent in April, while analysts polled by Thomson Reuters expected an 8.5 percent jump. The retailer also raised its profit outlook above analyst expectations.
"We believe improved merchandise offerings as well as the company's planned and controlled promotional strategy (with sharp prices on key items: shorts and tees) is driving better than anticipated average unit revenue and margins," wrote Stifel Nicolaus analyst Richard Jaffe, who rates the company "Hold."
Still, shares fell $1.21, or 3.4 percent, to $34.53 in afternoon trading, but stayed close to the high end of its 52-week trading range of $12.52 to $37.96.
The Buckle Inc. also posted stronger-than-expected April same-store sales, up 18.2 percent.
Shares fell $1.25, or 3.4 percent, to $35.60.
On the other end of the spectrum Abercrombie & Fitch, which has kept prices relatively high while its competitors slash prices, said same-store sales fell 22 percent. But that was better than the 27.3 percent drop analysts expected and shares rose 58 cents, or 2.2 percent to $26.58.
Zumiez same-store sales fell 13.8 percent, but that was better than analysts expectations of a 14.1 percent drop. Shares fell 53 cents, or 4.5 percent, to $11.32.
The broader market sank after a government bond auction drew a poor response and investors fretted over the economy's recovery prospects. In afternoon trading the Dow Jones Industrial Average was down more than 100 points.
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