Hot Topic same-store sales fall 6.4 percent in May

Teen-oriented retailer Hot Topic Inc. said its May comparable sales fell 6.4 percent, a steeper decline than analysts had expected.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance because they measure growth at existing stores rather than newly opened ones.

Analysts surveyed by Thomson Reuters were expecting comparable sales at the City of Industry, Calif.-based company to fall 4.3 percent.

Shares fell 54 cents, or 7.2 percent, to $7 in aftermarket electronic trading, after earlier closing down 15 cents at $7.54 in the regular session.

The company, which owns Hot Topic and Torrid stores, saw net sales for the month fall 2.9 percent to $46 million.

For Hot Topic's fiscal month of May _ the four weeks ended May 30 _ same-store sales at its Hot Topic chain fell 6.3 percent. Same-store sales at its Torrid stores fell at a slightly steeper 6.9 percent.

For the year-to-date period, the company's same-store sales are up 4 percent. Net sales for the year-to-date are up 7.2 percent to $221.2 million.