There's a difference between a CEO that's paid well and one that's raking in loot he clearly doesn't deserve. The former may invoke a bit of ire in this economic climate, but when cooler heads prevail, the cash laid out is usually but a rounding error on the increases in market cap he's driven. An overpaid CEO, on the other hand ... well, it's a bit harder to justify the inflated package.

Kerri Chyka over at CNN Money reports that the Corporate Library sifted through the bloated and legit packages out there to let us know which top dogs are rolling in dough that should probably be left in the company coffers.

1. Michael Jeffries, Abercrombie & Fitch (NYSE: ANF)
Last year, Michael Jeffries made $71.8 million in total, with a base salary of $1.5 million, according to corporate governance research firm, the Corporate Library. It even included a $6 million retention bonus ... because you want to hang on to a guy who the research firm calls one of the five "Highest Paid Worst Performers" of 2008. If that stings, Jeffries can hop on the Abercrombie corporate jet instead of running away. He's paid better than 75% of rival CEOs, while the share price generally underperformed them.

2. James W. Stewart, BJ Services Company (NYSE: BJS)
James Stewart had a good year in 2008, as it outperformed most of its peers, and he nailed a $34.6 million package. In all fairness, $30 million came from the value realized on stock options. The four years that preceded Stewart's strong performance, on the other hand, were lackluster. The future, it seems, is immaterial, as Baker Hughes picked up BJ Services last month, and Stewart will probably be out the door at the end of the year, when the deal closes.

Retail sales were down for the twelfth month in a row in August, according to an Associated Press report. Consumers stayed focused on what they need rather than what they want, as unemployment remains high and even those employed worry about the future of their jobs.

The silver lining, though, is that the coming holiday season might not be as bad as many thought.

Some retailers actually showed gains. TJMaxx (NYSE: TJX) and Old Navy, a Gap (NYSE: GPS) company, for example, saw year-over-year sales increases, though upscale stores generally sustained declines. The action on the discount side could be an early sign that the consumer is ready to play.

Michael Jeffries, the CEO of struggling retailer Abercrombie & Fitch (NYSE: ANF) recently told investors on a conference call that "Consumer spending patterns domestically continue to be dictated by cost and value propositions, and this is clearly a headwind for our premium brands."

Abercrombie has garnered headlines for its steadfast refusal to cut prices to keep up with lower-end competitors like Aeropostale (NYSE: ARO), which is picking up market-share because of the recession. But that could be changing.

Last summer we lamented the price of gas. This year, however, there's at least one upside. Retail sales for June were up 0.6% - substantially better than the 0.4% anticipated – with the gas prices leading the charge. A slight tip in the brutalized auto manufacturer sector helped, as well. This was the largest retail sales increase in five months.

Gas stations benefited from the cost of fuel, adding a bit of pep to a beleaguered retail industry: sales were up 5% year over year, after doing the same in May. And, car dealers had their best month since January: the sales of cars and parts climbed 2.3%. Nonetheless, this corner of the retail world is still off 14.5% from last year. It may have helped last month, but we're still pretty far from a cure.

Abercrombie & Fitch (NYSE: ANF) announced today that it would close all 29 of its Ruehl stores by the end of the fiscal year.

Abercrombie took a $51 million impairment charge related to Ruehl in the first quarter and now says it will have to charge off an additional $65 million over the rest of the year. In 2008, Ruehl generated a pre-tax loss of $58 million. In a press release announcing the decision, Abercrombie explained that "While it was encouraged by the initial performance of RUEHL, the Company has determined that, given the severe economic downturn and its impact on the retail and consumer sectors, the timing is not right to continue to pursue the further development of RUEHL."

Guess? Inc. (NYSE: GES), a fashion retailer that competes in the mall with companies like Abercrombie & Fitch (NYSE: ANF), Gap (NYSE: GPS), and JCPenney (NYSE: JCP), told the market how it did in Q1 on Thursday after the bell. As I write this during the early afternoon on Friday, shares of Guess? are up well over 6% on very good volume. Was there something to this earnings report?

I didn't think the numbers were particularly fetching. Revenues declined nearly 10%, thanks in part to the effects of currency translation (maybe that should be no thanks). Earnings per share came in at $0.35, a massive 30% decline. And same-store sales in North America dipped 10% (take out currency, and the dip was 6%, which still wasn't good).

Abercrombie & Fitch (NYSE: ANF) was not hot at all in the first quarter. It's funny. You hear about the recession coming to an end this year, about things getting better, and then you check out some retail stats and you begin to wonder.

Anyway, Abercrombie, which shares space at the mall with names like J.C. Penney (NYSE: JCP), American Eagle Outfitters (NYSE: AEO), Gap (NYSE: GPS), and Aeropostale (NYSE: ARO), saw its top line decline by 24%. Same-store sales for the company's entire operations dropped 30%. Same-store sales at the Abercrombie & Fitch brand itself plunged 26%. Earnings per share took a dive of more than 50% to $0.31. It should be noted, however, that there is a pending non-cash charge that will be added to these results at a later time.

Bed Bath & Beyond (NASDAQ: BBBY) reported earnings for the fourth quarter on Tuesday after the market closed its doors. In the after-hours session, the retailer's stock rallied mightily, rising over $3.50, or better than 14%. Let me tell you, that was impressive. As was the beat on the bottom line.

As I wrote in my preview piece, the market was looking for 44 cents per share. Bed Bath & Beyond did its job and delivered 55 cents per share. Net sales decreased by less than 1%. Granted, no one likes to see the top line contract even a little, but considering how bad retail has been, I actually find this to be a small victory. Unfortunately, the same-store sales weren't good. They dropped over 4%. Also, operating profit and cash from operations saw a decline.

Mall retailers have been struggling, but Aeropostale (NYSE: ARO), whose colleagues include Gap (NYSE: GPS), Abercrombie & Fitch (NYSE: ANF), and American Eagle Outfitters (NYSE: AEO), actually posted a pretty decent earnings report on Thursday after the bell. For the fourth quarter, Aeropostale earned $1.01 per share. That performance represented a 6% growth rate, and it beat analyst estimates by the proverbial penny.

American Eagle Outfitters (NYSE: AEO), whose mall colleagues include Gap (NYSE: GPS), Abercrombie & Fitch (NYSE: ANF), and Urban Outfitters (NASDAQ: URBN), posted Q4 earnings on Wednesday.

The Christmas season was a difficult one for the chain. Sales decreased 9%, and same-store sales declined a whopping 16%. Ouch, sorry to hear that, American Eagle. Earnings came in at 19 cents per share, meeting analysts expectations.

It's the same old story: to move merchandise, things had to be marked down. And that affected profits. Big time.

J. Crew Group (NYSE: JCG) issued a Q4 report that the market seemed to like. The retailer posted a loss of 22 cents per share on Tuesday after the bell. As I said in my earnings preview, Wall Street was bracing for a loss of 27 cents per share. That five-penny beat helped to send J. Crew's shares up by well over 10% in the after-hours session.

I think the buying was a bit overdone. Sure, I'll give credit where credit is due. Management did beat the analysts and their precious earnings models. How much credit should I give beyond that?

Urban Outfitters (NASDAQ: URBN), as one might have expected, didn't report a great fourth quarter. It's a fashionable retailer, so you can imagine that consumers, who aren't in the mood to spend top dollar on clothes and accessories, forced the company to do a lot of discounting.

Sales, though, were healthy. The top line increased by 9%, and same-store sales at the Urban Outfitters brand rose 3%. Unfortunately, Q4 wasn't so kind to the Anthropologie and Free People brands. Their comps were down 6% and 13%, respectively. And the company missed earnings estimates. The call was for 28 cents per share, but the retailer was only able to deliver 24 cents per share.

Abercombie & Fitch (NYSE: ANF) is resisting the tidal wave of discounting that is hitting malls, and is sticking to its retail prices. On a recent conference call, CEO Michael Jeffries called aggressive discounting a "short-term solution with dreadful long-term effects."

The idea behind the fear of discounting is that it kills margins and causes irreparable damage to a brand: If Abercrombie starts selling shirts for $30 instead of $60, will it be able to jack prices back up when the tide turns?

Here's the problem for Abercrombie: If the recession lasts awhile, which most experts predict it will, consumers will continue to flock to lower-priced stores that are embracing discounting like Aeropostale (NYSE: ARO) and H&M. At some point, teens may realize that wearing cheaper t-shirts from Aeropostale won't prevent them from being cool or getting into college. Abercrombie could then become the Gap (NYSE: GPS) of the second decade of the millennium.

For now, though, Abercrombie's strategy seems prudent even if it does batter the stock price with hideous same-store sales numbers. The company can always change its mind and begin discounting aggressively. It's much harder to go back.

Youth-retailer Aeropostale (NYSE: ARO) had a much better third quarter than I thought it would have. I was expecting a lower earnings growth rate and a worse performance in terms of same-store sales. Diluted earnings per share actually rose over 30%, coming in at $0.63. Way to go. And this performance beat expectations by a penny, according to Reuters Estimates. Net sales increased 17%. Double-digit expansion in both the top and bottom lines really is something to crow about in this terrible mall environment.

At least as far as I'm concerned, the 5% fall in same-store sales for the month of November wasn't too bad, especially considering that comps increased 7% for Q3 as a whole. Plus, on a year-to-date basis, comps rose 7%. Management can be proud of its achievements. However, that 5% drop in comparable sales for November is, unfortunately, a sticking point in terms of buying the retailer's stock. The economy has gotten much worse since I wrote about Aeropostale back in August. This decline might be a precursor to more bad times ahead. In fact, the stock is no longer as strong as it was earlier in the year. Shares of Aeropostale are trading closer to a 52-week low as opposed to a 52-week high.

There's no question that Aeropostale, whose colleagues at the mall include Abercrombie & Fitch (NYSE: ANF), Gap (NYSE: GPS) and American Eagle Outfitters (NYSE: AEO), has been efficiently marketing to its target audience. There's also no question that now may not be the time to roll the dice on a business that caters to fickle demos. Personally, I think Aeropostale offers value at these levels. But I'd still rather wait for the macro economy to improve before getting into this retailer.

Disclosure: I don't own any company mentioned; positions can change at any time.

American Eagle Outfitters (NYSE: AEO), whose competitors at the mall include Abercrombie & Fitch (NYSE: ANF) and Gap (NYSE: GPS), is part of a sector I'm not much of a fan of currently: retail. Just saying the word aloud makes it sound repulsive these days. Don't get me wrong, retail will come back (someday). For now, though, it's difficult to look at the numbers associated with the industry, especially the same-store sales.

Looking at American Eagle, I can see that its third quarter was, as expected, not too inspiring. Adjusted earnings per share dropped 33% to $0.30. Worse, comps plunged 7%. Last year at this time, comps increased 2%.

It's tough out there, folks, and it probably will get tougher. American Eagle, like every retailer out there, is facing a perplexing problem. What's the best way to get traffic through the door? Marketing and promotions. What do retailers have to focus on this Christmas season? Containment of costs. Margins are important, and management doesn't want them to deteriorate too badly. You can see the challenge. Plus, American Eagle can't really count on its target shopper. Young people are oftentimes fickle and ready to jump to some other business near the food court. Not a great position to be in.