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Total sales for Q2 drops at Hot Topic
19
Aug '10
Hot Topic, Inc. announced that the company incurred a net loss in the second quarter of fiscal 2010 (13 weeks ended July 31, 2010) of $6.3 million, or $0.14 per share, compared with a net loss of $3.2 million, or $0.07 per share, in the second quarter of fiscal 2009 (13 weeks ended August 1, 2009).

The results for the second quarter of fiscal 2010 and fiscal 2009 include approximately $0.02 per share of expense related to ShockHound, the company's online music site.

Total sales for the second quarter of fiscal 2010 decreased 4.9% to $150.0 million compared to $157.8 million for the second quarter last year. Total company comparable store sales declined 6.4% for the second quarter of fiscal 2010.

At the end of the second quarter of fiscal 2010, the company operated 679 Hot Topic stores and 155 Torrid stores compared to 679 Hot Topic stores and 156 Torrid stores at the end of the second quarter of fiscal 2009. During the second quarter of fiscal 2010, the company opened one new Hot Topic store and one new Torrid store, and closed three Hot Topic stores and two Torrid stores. The company also remodeled or relocated six Hot Topic stores during the quarter.

The company issued third quarter (13 weeks ending October 30, 2010) guidance of earnings in the range of $0.05 to $0.08 per diluted share based upon a mid-single-digit decline in comparable store sales. Included in the guidance is expense related to ShockHound, the company's online music site, of approximately $0.02 per share.

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.

Hot Topic Inc

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