City of Industry, Calif. Hot Topic said Wednesday same-store sales in July fell 8.5%. Analysts, on average, had expected same-store sales for the teen-apparel retailer to decline 9.2%, according to Thomson Reuters.
Total sales for the four weeks ended Aug. 1 fell 6.9% to $52.3 million.
Zumiez on Wednesday said its July same-store sales fell 16.8%, better than the 21% drop analysts had expected. Total sales for the four weeks ended Aug. 1 fell 5.6% to $29.9 million.
The industry is bracing itself for Thursday, when many retailers will report what are expected to be dismal same-store sales results for July. The International Council of Shopping Centers-Goldman Sachs same-store sales tally is projected to be down 5.5%, worse than the 5.1% decline in June.
Many analysts predict U.S. retailers could post their 11th consecutive drop in monthly same-store sales in July as wet and cool weather, a weak job market, and a lack of tax-free holidays cut into sales.