Retailers are having a fantastic 2012. Except for one.

Abercrombie & Fitch (ANF) can't get its act together. The stock was down more than 11% Thursday after the company said it whiffed the fourth quarter.

In an earnings preannouncement, the retailer said it expects profit of between $1.10 and $1.15 a share -- far below the $1.55 per share that analysts expected.

Traffic to stores was not where it should be. Same-store sales -- a key measure of a retailer's business -- were flat, which was below the company's expectations. Sales in U.S. stores in particular were disappointing.

Hear why one analyst cut her estimate on Abercrombie in the following video.

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There are some bright spots for the company. Direct-to-consumer sales, which includes website sales, helped bring overall U.S. sales up 4% to $962.2 million in the quarter. And total international sales soared 62% to $366.6 million.

Gross margin is taking a hit, the company said, largely because of low sales and higher markdowns in what it describes as a "more aggressive promotional environment."

This is not the story at other retailers. Target (TGT) blasted through expectations, with same-store sales growing at 4.3% for January. Macy's (M) didn't meet expectations, but it still saw same-store sales rise 2.4%. Nordstrom's (JWN) sales rose 5% and Saks' (SKS) sales nearly hit 11% growth. Limited Brands, which owns Victoria's Secret, said its sales grew 9%.

Gap (GPS) sales fell 4%, but that was better than the 4.9% drop analysts expected, according to The Wall Street Journal. The company was sanguine about the fall, however, saying it was able to clear through holiday inventory with markdowns.

January is a tough time for any retailer. There's a huge lull after the holiday rush, volume is down and the main focus is on clearing out the store to prepare for spring.

So are we seeing a temporary stumble for Abercrombie or are there larger issues here? "It's just not cool anymore," proclaims Business Insider.

I don't think this is a short-term problem. Abercrombie guided down for its full year, saying same-store sales would continue to be flat and estimating earnings at between $3.50 to $3.75 a share. Wall Street expected $4.16.

So how does Abercrombie begin to fix this mess?