Despite reporting lower same-store sales, restaurant chain California Pizza Kitchen Inc., and retailers American Apparel Inc. and Hot Topic Inc. saw their share prices rise slightly Thursday on the mostly better-than-expected reports.
California Pizza Kitchen Inc. raised its second-quarter profit estimate on lower expenses. Los Angeles gourmet pizza chain has focused strongly on cutting costs. The company now expects a profit of 24 cents to 25 cents per share for the period ended June 29. That's up from its previous forecast of 18 cents to 20 cents per share. Preliminary figures indicate same-store sales, or sales at locations open at least a year, fell 6.5 percent during the quarter.
American Apparel Inc. said its same-store sales fell 13 percent in June compared with last year, worse than May's 10 percent drop. The trendy Los Angeles manufacturer and retailer also said that same-store sales for the quarter ended June 30 were down 10 percent from a year ago.
Hot Topic Inc. lowered its second-quarter guidance after the City of Industry teen retailer reported that June same-store sales fell 7.9 percent. The company now expects a second-quarter loss of 7 cents to 9 cents per share. Hot Topic previously predicted a loss of 4 cents to 6 cents per share. Like American Apparel, Hot Topic has been hard hit as consumers cut back on discretionary spending.
California Pizza Kitchen added 62 cents, or 4.5 percent, to $14.35 on the Nasdaq. American Apparel shares gained 11 cents, or 3.7 percent, to $3.05 on the NYSE Alternet. Hot Topic shares closed up 4 cents, or less than 1 percent, to $7.10 on the Nasdaq.
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