Despite a sharp decline in same store sales for the quarter, Hot Topic Inc. reported strong third quarter numbers bolstered by solid performance from the company’s newest stores.

Hot Topic reported third quarter net income Wednesday of $7.1 million (16 cents per share) a 20 percent increase from $5.9 million (13 cents) for the same period a year earlier. The company also said that results included a 2-cent stock-based compensation charge.

Sales for the Commerce-based apparel company were up 2 percent to $197 million, boosted by strong sales at the company’s 14 new Torrid and Hot Topic stores. The company also said in its filing that it plans to open 35 new stores next year and added that it is also planning to remodel 60 to 80 stores. However, same store sales decreased 6.8 percent for the quarter.

Shares in Hot Topic closed up 24 cents to $11.11 Wednesday and were up $1.63 early Thursday to $12.75.