Hot Topic Goes Cold on Lukewarm Outlook
CITY OF INDUSTRY, Calif. (TheStreet) -- Hot Topic(HOTT Quote) is plunging after it became yet another retailer that is telling Wall Street not to get its hopes up this holiday season.
Shares are tumbling 13.2% to $5.79 a day after the teen retailer said its fourth-quarter estimates could miss expectations. During the quarter, the company earned $5.8 million, or 13 cents a share, down 21% from $7.4 million, or 17 cents, in the year-ago period. Sales slipped 4% to $189.6 million from $197.3 million, while same-store sales sank 5%. Looking ahead, the teen retailer expects fourth-quarter earnings in the range of 23 cents to 26 cents a share, below analysts' forecast of 30 cents a share.- Loading Comments...
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