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Hot Topic reports Q1 financial results
20
May '11
Hot Topic Inc, reported results for its first quarter of fiscal 2011 (13 weeks) ended April 30, 2011.

The company reported a net loss in the first fiscal quarter of $7.7 million, or $0.17 per share, compared to a net loss of $1.8 million, or $0.04 per share, for the comparable period last year. The first quarter results include $12.4 million of expenses, or $0.17 per share, for the implementation of the previously announced charges for strategic business changes and cost reduction plan. On a non-GAAP basis, which excludes these charges, the first quarter results were $0.00 earnings per share.

Total sales for the first quarter of fiscal 2011 decreased 0.8% to $161.3 million compared to $162.6 million for the first quarter last year. Total company comparable store sales increased 0.2% for the first quarter of fiscal 2011.

At the end of the first quarter of fiscal 2011, the company operated 642 Hot Topic stores and 151 Torrid stores compared to 681 Hot Topic stores and 156 Torrid stores at the end of first quarter of fiscal 2010. During the first quarter of fiscal 2011, the company opened one Torrid store and closed fifteen Hot Topic stores and three Torrid stores. The company also remodeled or relocated eleven Hot Topic stores during the quarter.

The company issued second quarter guidance (13 weeks ending July 30, 2011) of a loss per share in the range of $0.09 to $0.11, which excludes approximately $3 million of costs associated with the above charges, compared to a loss per share of $0.14 last year. This guidance is based upon approximately flat comp sales for the second quarter.

As previously announced, the company will discontinue monthly sales reporting, effective in the third quarter of fiscal 2011. The company will report quarterly sales results on the first Wednesday following the close of each fiscal quarter. The company will continue to report monthly sales results through the end of the second quarter of fiscal 2011.

Hot Topic Inc

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