Hot Topic, Inc. reported results for its fiscal fourth quarter and fiscal year of 2009 (13 weeks and 52 weeks, respectively, ended January 30, 2010).
The company reported net income in the fourth quarter of $8.0 million, or $0.18 per diluted share, compared to $14.2 million, or $0.32 per diluted share, for the comparable period last year. For the fiscal year of 2009, the company reported net income of $11.9 million, or $0.27 per diluted share, compared to $19.7 million, or $0.45 per diluted share, for last year. These results include expenses related to ShockHound of approximately $0.02 per share and $0.07 per share in the fourth quarter and fiscal year 2009, respectively.
At the end of the fourth quarter of fiscal 2009, the company operated 680 Hot Topic stores and 156 Torrid stores compared to 681 Hot Topic stores and 159 Torrid stores at the end of the fourth quarter of fiscal 2008. During the fourth quarter of fiscal 2009, the company opened one Hot Topic and closed one Hot Topic store. The company also remodeled two Hot Topic stores during the quarter, bringing the total number of remodeled or relocated stores during fiscal 2009 to 16.
The company issued first quarter guidance (13 weeks ending May 1, 2010) of a loss per share in the range of $0.02 to $0.05, as compared to earnings per share of $0.03 last year. This guidance is based upon a comp store sales decline in the high-single-digit percentage range. Included in the guidance is approximately $0.02 per share of expense related to ShockHound, the company's online music site.
In our February sales commentary, we reported Hot Topic Division comparable store sales for music, license, fashion apparel and fashion accessories categories. To provide investors with a historical perspective, we will post a 2-year history of the category comparable store sales results on the company's investor relations website.
Hot Topic, Inc. is a mall and web based specialty retailer operating the Hot Topic and Torrid concepts, as well as the e-space music concept, ShockHound. Hot Topic offers music/pop culture-licensed and music/pop culture-influenced apparel, accessories, music and gift items for young men and women principally between the ages of 12 and 22. Torrid offers apparel, lingerie, shoes and accessories designed for various lifestyles for plus-size females principally between the ages of 15 and 29.
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