NEW YORK ( TheStreet) -- TheStreet's Laurie Kulikowski said teens aren't shopping at the malls as they once were, as seen in the earnings reported by several retailers.
Sales slumped 6% and the company missed by 10 cents analyst estimates calling for a loss of 24 cents per share, she said.
Kulikowski added that analysts believe the company's focus on the higher-end consumer is clearly not working. Aeropostale now plans to close 30 stores by year end, double the previous estimate.Meanwhile, The Gap (GPS - Get Report) reported pretty solid earnings, she said. The company earned 64 cents per share, in line with analyst expectations. Sales pushed higher, eclipsing last year's quarterly figures by 8%. The company also boosted its annual dividend to 80 cents per share from 60 cents. Kulikowski noted that CEO Glenn Murphy said the company's value products at Old Navy, growing online sales and international expansion all contributed to this quarter's success. She concluded that retailers will be looking to have better luck in the second half of 2013, helped by back-to-school sales and holiday shopping. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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