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Hot Topic Inc. (NASDAQ: HOTT) reported better than expected same store sales last night, down only 4% versus a consensus decline of 6.7%.

The company, which sells alternative music and pop culture apparel and merchandise to teens, has cut back on promotional activity with inventories becoming more lean, a positive for future quarter performance. Further, its new story formats continue to do well and trends at Torrid remain solid.

We blogged earlier in the week that Hot Topic may be setting the foundation for a meaningful turnaround later this year and going into 2008. The stock is way off from its $30 high and is now at $11. SAC Capital has accumulated 5.1% of Hot Topic stock, or 2.3 million shares, up from the 245K shares it had disclosed at the end of the first quarter.

Hot Topic, with movies like the Transformers and a new generation of video game consoles and games coming to market, will have ample supply of trendy new products to sell and support a nice turnaround. The stock is up 49 cents in trading today.

Hot Topic's sales better than expected originally appeared on BloggingStocks on Thu, 12 Jul 2007 12:33:00 EST. Please see our terms for use of feeds.

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