Teen apparel retailer Hot Topic, Inc. (HOTT) said same-store sales rose 7.1% in March and 8.7% in the quarter-to-date period, prompting the company to raise its first quarter earnings guidance.
For March, same-store sales rose 10.6% at Hot Topic stores but fell 5.9% at Torrid stores, the company said.
The company's total sales in March increased 10.6% year-over year to $70.5 million.
For the quarter-to-date period, same-store sales rose 11.4% at Hot Topic stores but declined 1.2% at Torrid stores. Total sales for the quarter-to-date period increased 12% from a year earlier to $127.8 million.
The company said it now expects first quarter earnings to be in the range of $0.01 to $0.02 per share based upon a high-single-digit same-store sales growth. Previously, the company expected first quarter results to be between a loss of $0.01 per share to profit of $0.01 per share based upon a mid-single-digit same-store sales increase.
Analysts polled by Thomson Reuters currently expect the company to earn $0.01 per share for the first quarter. Analysts' estimates typically exclude special items.
As of April 4, the City of Industry, California-based company operated 679 Hot Topic stores and 158 Torrid stores.
Hot Topic shares, which have traded in a range of $4.34 to $12.39 over the past year, closed Wednesday's regular trading session at $11.76, up $1.03 or 9.60% and gained an additional 28 cents or 2.38% in after hours trading.
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