Hot Topic Inc, the retailer of music-influenced apparel and accessories, nearly doubled its losses in the second quarter amid falling sales.
The company, which operates 679 Hot Topic stores and 155 Torrid stores, posted a net loss of $6.3m or $0.14 per share in the three months to 31 July, compared with a loss of $3.2m or $0.07 per share, a year earlier. This year’s quarter expenses of $0.02 per share related to its ShockHound online music site.
Quarterly sales fell 4.9% to $150.0m, down from $157.8m last time. On a same-store basis, sales fell 6.4%, with a drop of 6.5% at Hot Topic and a fall of 6% at Torrid.
Looking ahead, the company expects third quarter earnings in the range of $0.05 to $0.08 per share based on a mid-single-digit decline in same-store sales.
