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SAN FRANCISCO -- Hot Topic Inc. late Wednesday reported its second-quarter net loss narrowed to $450 million, or a penny a share, from a loss of $1.73 billion, or 4 cents a share, a year ago. Second-quarter results include about a penny a share of expenses related to its online music project. Net sales rose marginally to $166.8 million from $161.7 million a year earlier while same-store sales slid 0.9%, the City of Industry, Calif.-based teen retailer said. Analysts polled by FactSet Research, on average, had forecast a loss of 2 cents a share on revenue of $166.1 million. In the third quarter, the company expects to earn 12 cents to 15 cents a share and in the fourth quarter, it sees earnings of 25 cents to 28 cents a share based on projections of low single digit decline in same-store sales. The outlook include expenses related to its online music initiative. Analysts are forecasting the company to report earnings of 16 cents a share in the third quarter.
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