Mall-based retailer Hot Topic Inc. lowered its guidance Wednesday after reporting a second-quarter loss, due in part to expenses related to an online music project.
For the period ended Aug. 2, the company posted a net loss of $450,000, or 1 cent a share, compared with a net loss of $1.7 million, or 4 cents, for the same year-ago period. According to Hot Topic, the second quarter included approximately 1 cent a share of expense related to the company’s online music initiative. Sales grew 3.2 percent to $166.8 million, versus $161.7 million for the year-ago quarter. The company said same-store sales declined 0.9 percent for the three months.
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