Shares in Hot Topic Inc. hit a new seven-year low Wednesday after the retailer reported that its third-quarter profit fell 5.6 percent on a drop in sales.

For the quarter ended Nov. 3, Hot Topic earned $6.7 million (15 cents per share), compared with $7.1 million (16 cents) for the same period a year earlier.

Sales for the City of Industry-based retailer also fell 4.2 percent to $189 million, slightly missing Wall Street’s predictions of $190 million.

Same-store sales also fell 4.2 percent as demand for the goth-inspired clothing continues to recede. Shares of Hot Topic Inc. sank to their lowest point in almost seven years, even after the retailer reported inline earnings and reiterated its guidance.

“We are concerned that management’s decision to remain less promotional during this holiday season may hurt traffic and (same-store sales) when other mall retailers have elected to be substantially more promotional,” Adrienne Tennant, an analyst with Friedman, Billings, Ramsey, said in a report.

Shares in Hot Topic were down 6 percent to $6.88 in afternoon trading Wednesday on the Nasdaq.