• Most Popular
  • Most Shared

UPDATE 1-Hot Topic June comp sales fall; widens Q2 loss view

Wed Jul 8, 2009 4:37pm EDT

Stocks

   

* Sees Q2 loss $0.07-$0.09/shr

* Sales performance lower than expected till date in Q2 * Shares fall 5 pct

July 8 (Reuters) - Hot Topic Inc (HOTT.O) widened its second-quarter loss forecast citing lower-than-expected sales performance till date, and posted a 7.9 percent fall in June sales at stores open at least a year, sending its shares down 5 percent. Analysts had expected comparable-store sales to fall 6.4 percent, according to Thomson Reuters Estimates.

The mall and web-based retailer sees comparable-store sales falling in the high-single-digit range in the second quarter. It earlier projected comparable sales decline in the mid-single-digit percentage range.

For the second quarter ending August 1, Hot Topic, which also sells music and often hosts live bands at its stores, expects to lose 7 cents a share to 9 cents a share. It earlier expected to lose 4 cents a share to 6 cents a share.

The retailer posted sales of $59.5 million in June.

The company's shares were down 31 cents in trading after the bell. They closed at $7.06 Wednesday on Nasdaq. (Reporting by Mihir Dalal in Bangalore; Editing by Unnikrishnan Nair)



More from Reuters

Photo

Democrats gain 60th vote on health bill

WASHINGTON (Reuters) - Senate Democrats reached a compromise on Saturday with the last holdout senator that secured the 60 votes they need to pass a broad healthcare overhaul sought by President Barack Obama.

A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

Two men shake hands in a file photo.    REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article