Shares in teen retailer Hot Topic Inc. dropped more than 8 percent Thursday after the company reported a dip in same-store sales for November.
Hot Topic said late Wednesday that same-store sales or sales at stores open at least a year slipped 8.3 percent for the month, which was worse than analysts’ expectations of a 6.7 percent slide, according to a poll by Thomson Financial.
Sales at the City of Industry-based clothing retailer’s 695 Hot Topic stores fell 9.8 percent, while sales at the company’s 152 Torrid stores fell only 0.5 percent.
Shares dropped 4.7 percent to $5.88 in afternoon trading Thursday on the Nasdaq. Shares have lost 56 percent this year as sales continue to decrease for the struggling retailer.
