June Looks Solid for Specialty Retailers

The company said its stores were closed on Independence Day, but because the holiday fell in the July reporting period this year, rather than last year's June period, sales in June remain strong.

The stock was moving up 65 cents, or 2.5%, at $26.58 in after-hours action, after previously ending the Wednesday session up 0.5% at $25.93.

Hot Topic(HOTT Quote) same-store sales dropped 0.4% -- below the Briefing.com estimate for a 0.9% increase -- while total sales surged 20% to $51.1 million. Consequently, the company forecast second-quarter results below the Wall Street consensus.

The retailer said new merchandising assortment changes went into affect later than expected in June, contributing to the company's decision to also forecast flat same-store sale results for the second quarter Wednesday. Additionally, second-quarter earnings are now seen at 13 cents a share vs. the analyst expectation for 14 cents a share, according to Thomson First Call.

Shares of Hot Topic were dropping $1.15, or 5.5%, at $19.60 in post-close action, after previously closing down 35 cents, or 1.7%, at $20.75.