Hot Topic Inc. posted a wider first-quarter loss Wednesday as same store sales continue to drop for the struggling retailer.
For the quarter ended May 3, Hot Topic posted a loss of $1.4 million (-3 cents per share), compared with a loss of $809,000 (-2 cents) in the same period a year earlier, beating analysts' expectations of a loss of 4 cents per share, according to Thomson Financial.
Sales for the City of Industry-based teen retailer rose 1.1 percent to $159 million in line with Wall Street's predictions. Same-store sales fell 2.8 percent during the quarter.
However, shares in Hot Topic edged up early Thursday after the teen retailer also said it expects to post a second-quarter loss of between 2 cents per share and 4 cents per share which is in line with Wall Street's expectations of a loss of 3 cents per share.
Hot Topic posted a loss of 4 cents per share in the same quarter of 2007. The retailer said it also expects flat to a low-single-digit decline in same-store sales for the quarter.
Shares in Hot Topic were up 2 percent to $4.94 in early trading Thursday.
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