Hot Topic has lowered its second-quarter loss per share guidance as it said it made "solid gains in licensing"

The company lowered its loss per share guidance to US$0.02-0.03 from previous guidance of $0.04-0.06 per share.

The annoucement came as the company recorded a 5.5% second quarter sales increase to reach $329.4m on the back of a 5.5% comparable sales rise.

"We are pleased with our progress in the fashion apparel category and we continue to make solid gains in licensing at Hot Topic," said chairman and CEO Lisa Harper.

"At Torrid we are delighted to report that our new Torrid locations in strip centers are exceeding our internal expectations and that our strategy of moving to a vertical sourcing model has positioned us for strong margin gains. In addition we feel strongly that we ended the second quarter with the right merchandise assortment and that our inventory levels are on plan as we enter the back half of 2012."