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Vertical sourcing system may improve Hot Topic performance
17
May '12
Hot Topic Inc. reported results for its first quarter of fiscal 2012 (13 weeks) ended April 28, 2012.

The company reported net income in the first fiscal quarter of $3.8 million, or $0.09 per share, compared to a net loss of $7.7 million, or $0.17 per share, for the comparable period last year.

The results for the first quarter of 2011 include $12.4 million of expenses, or $0.17 per share, for the implementation of the strategic business changes and cost reduction plan. On a non-GAAP basis, which excludes these charges, the first quarter of 2011 results were $0.00 earnings per share.

Total sales for the first quarter of fiscal 2012 increased 6.4% to $171.5 million compared to $161.3 million for the first quarter last year. Total company comparable store sales increased 7.5% for the first quarter of fiscal 2012. A summary of the sales results by division was included in the first quarter sales release.

“Our first quarter sales and earnings increases at both the Hot Topic and Torrid brands exceeded our early expectations. The quarterly results demonstrate the success of our key strategies of returning the Hot Topic brand to its edgy, dark and sexy core, as well as bringing true fashion to the Torrid brand,” said Lisa Harper, Hot Topic, Inc. Chairman, and Chief Executive Officer.

“We are encouraged by the significant progress we have made over the past year to build a culture of progress, success and results at Hot Topic, Inc.,” Harper said. “Looking ahead, we believe our new systems, vertical sourcing, reinvigorated product offering and substantial unit growth at the Torrid brand will help us to generate continuous improvement across the businesses in the coming periods.”

At the end of the first quarter of fiscal 2012, the company operated 624 Hot Topic stores and 164 Torrid stores compared to 642 Hot Topic stores and 151 Torrid stores at the end of first quarter of fiscal 2011. During the first quarter of fiscal 2012, the company opened one Hot Topic store and 17 Torrid stores and closed five Hot Topic stores and one Torrid store. The company also remodeled or relocated 13 Hot Topic stores and one Torrid store during the quarter.

Hot Topic, Inc. is a mall and web based specialty retailer operating the Hot Topic and Torrid concepts. Hot Topic offers music/pop culture-licensed and music/pop culture-influenced apparel, accessories, music and gift items for young men and women. Torrid offers apparel, lingerie, shoes and accessories designed for various lifestyles for young plus-size women.

Hot Topic Inc

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