Along with bringing back Geiger, who led the company during its heyday in the late 1990s and early 2000s, the retailer has attempted to grow its emerging fashion brands, including YouTube star Bethany Mota's line. It's also working to remove the glut from its store footprint to cut costs, and will have closed more than 200 stores, or about 20 percent of its fleet, by the end of the year.
Read MoreGoodbye slush, hello shopping! Finally time for spring
Despite these efforts, Aéropostale continues to be the laggard among the teen retailers known as the "Three A's," which include American Eagle and Abercrombie & Fitch. All three names are in the midst of reworking their businesses to regain the interest of middle- and high-school age shoppers, who traded in their logo Ts for trendier fast-fashion stores such as H&M.
Sales have begun to turn at American Eagle, which last week topped fourth-quarter consensus earnings estimates and posted flat same-store sales. And while sales trends remain weak at Abercombie, the company still managed a $1.15 per share profit in the most recent quarter.
"As far as 2015, we heard a lot of 'ifs' [from Aéropostale]—'if all things align properly,' 'if you get a higher [average unit retail],' 'if you have enough transactions' " Wells Fargo analyst Paul Lejuez wrote in a research note.
He added that with store traffic down and management planning to increase inventory levels in the second half, "We don't feel good about those 'ifs.' "