NEW YORK (

TheStreet

) -- Shares of

Aeropostale

(ARO)

were weak in late trades on Wednesday after the casual apparel retailer gave a disappointing forecast for its fiscal fourth quarter.

New York-based Aeropostale said it expects to earn 35 to 38 cents a share in the three months ending in January, below the current average estimate of analysts polled by

Thomson Reuters

for a profit of 43 cents a share. The company said market conditions remain "incredibly promotional" with many of its competitors in the teen retailer space "increasing both the depth and breadth of their promotions."

The stock was last quoted at $15.05, down 3%, on volume of nearly 140,000, according to

Nasdaq.com

. The shares gained more than 5% to close Wednesday's regular session at $15.51, but are down more than 40% year-to-date.

"We are making incremental progress on our strategic initiatives by bringing more color and fashion to our merchandise assortment, managing our inventories appropriately and controlling our expenses carefully," said Thomas Johnson, the company's CEO, in a statement. "However, we are not satisfied with our overall performance, and we remain cautious in our outlook."

The outlook overshadowed a slightly better than expected profit performance for Aeropostale in its fiscal third quarter ended in October as the company posted earnings of 30 cents a share, topping the consensus view by 2 cents, although overall sales dipped 1% year-over-year to $596.5 million and same-store sales declined 9%.

Finisar

Shares of

Finisar

(FNSR) - Get Report

slumped after the optical networking equipment maker

posted mixed quarterly results and gave a below-consensus outlook

.

The company's fiscal second-quarter revenue fell short of Wall Street's consensus view, and also forecast non-GAAP earnings of 20 to 24 cents a share on revenue of $235 million to $250 million for its fiscal third quarter. Wall Street's current consensus estimate is for a profit of 26 cents a share in the January-ending quarter on revenue of $250 million. The stock fell 3.4% to $17.83 on volume of around 200,000 in late trades.

Other stocks garnering interest after the close included

Express Inc.

(EXPR) - Get Report

, whose shares edged up after the fashion retailer lifted its 2011 profit outlook; and

Guess?

(GES) - Get Report

, whose stock rose 1% to $28.40 on volume of more than 120,000 despite reporting a below-consensus quarterly report; and

Krispy Kreme Doughnuts

(KKD)

, which slipped 2% to $7.36 on volume of more than 90,000 after saying it sees earnings of 35 to 41 cents a share in its next fiscal year.

--

Written by Michael Baron in New York.

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Michael Baron

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