Dec 2, 2009
Hot Topic November comp sales fall more than expected
Dec 2, 2009
Dec 2 (Reuters) - Teen clothing retailer Hot Topic Inc (HOTT.O) posted a bigger-than-expected drop in same-store sales in November, sending its shares down 4 percent in pre-market trade.
The company, which sells edgy, Goth-inspired clothing, as well as music and accessories, posted a 11.7 percent drop in sales at stores open at least a year, worse than its own estimate of a decline of 8 percent to 11 percent.
Ten analysts on average were expecting a drop of 7.8 percent, according to Thomson Reuters data.
In November, which represents the start of the crucial selling season, comparable sales at the company's namesake stores were down 14.5 percent.
Total sales for the month fell 10 percent to $55.3 million.
Shares of the California-based company were down 4 percent at $5.41 in pre-market trade Wednesday 2 December. They closed at $5.61 Tuesday 1 December on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anne Pallivathuckal) (([email protected] ; within U.S. +1 646223 8780; Outside U.S. +91 804135 5800; Reuters messaging: [email protected]))
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