Aeropostale posts loss for 8th straight quarter

Challenging times continue for teen retailer Aeropostale, as an 11 percent drop in same-store sales leads the company to report its eighth straight quarterly loss.

The retailer also said it would close 75 stores in the fourth quarter.

Retailers such as Aeropostale have been forced to cut prices to fight off intense competition from cheaper brands. Aeropostale is also struggling to keep pace with changing trends and attract its mostly teen customers, who are cutting back on spending amid a weak job market and low wage growth. Rival Abercrombie & Fitch also reported disappointing quarterly results this week and cut its full-year profit forecast.

Same store sales at Aeropostale have now fallen for nine quarters in a row. Same-store sales fell in the mid-teens in percentage terms over Thanksgiving and the Black Friday weekend, in contrast with November's low single-digit percentage increase, the company said in a conference call on Wednesday.

Aeropostale's net loss widened to $52.3 million, or 66 cents per share, in the third quarter ended Nov. 1, from $25.6 million, or 33 cents per share, a year earlier. The company said it expected to record a loss of between 37-44 cents in the fourth quarter, bigger than analysts' expectations of a loss of 36 cents per share. Revenue fell to $452.9 million from $514.9 million a year ago. Excluding items, Aeropostale reported a loss of 45 cents per share, in line with the average analyst estimate.