64.4 F
Los Angeles
Friday, Aug 19, 2022
-Advertisement-

Shares in Hot Topic Surge After May Sales Beat Estimates

Shares in teen retailer Hot Topic Inc. jumped nearly 17 percent Thursday after the company said late Wednesday that its May same-store sales fell less than 1 percent, surprising investors.


Hot Topic posted a decline in same-store sales in May of 0.2 percent, smashing Wall Street predictions of a 2.4 percent decline, according to Thomson Financial.


Same-store sales at the City Of Industry-based mall retailer’s namesake stores fell 0.1 percent, while same-store sales at its Torrid stores fell 0.8 percent, the company said in a release.


However, total sales for the month rose 5 percent as Torrid sales jumped 18 percent to $12.9 million and Hot Topic brand sales rose 1 percent to $34.5 million.


For the year, Hot Topic same-store sales are down 2.3 percent, while total sales are up 2 percent to $206 million.


Shares in Hot Topic surged to $6.09 in early trading Thursday.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-