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Aerospostale sinking on wider loss forecast

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Shares of Aeropostale Inc (NYSE:ARO) are down double digits this morning after the teen retailer forecasted a bigger than expected second quarter loss. The company is forecasting a loss of 55-61 cents a share in the second quarter. On average analysts were expecting a loss of 50 cents a share in the second quarter. Aeropostale cited declining sales and lower foot traffic as reasons for the gloomy forecast. The retailer also posted a lost in earnings for the first quarter. Comp. sales were down 13 percent in the quarter and revenue came in below the consensus estimate. Teen retailers in general are having a lousy year.