Hot Topic Inc reported results for its fiscal fourth quarter and the fiscal year of 2007 (13 weeks and 52 weeks, respectively, ended February 2, 2008).
The company reported net income for the fiscal fourth quarter of 2007 of $11.9 million, or $0.27 per diluted share, compared to $8.9 million, or $0.20 per diluted share, last year. For the fiscal year of 2007, the company reported net income of $16.0 million, or $0.36 per diluted share, compared to $13.6 million, or $0.30 per diluted share, last year.
As previously reported, total sales for the 13 weeks ended February 2, 2008 decreased 8% to $220.7 million compared to $240.5 million for the 14 week period ended February 3, 2007. Comparable store sales declined 6.3% for the fourth quarter of fiscal 2007.
In addition, total sales for the 52 weeks ended February 2, 2008 decreased 3% to $728.1 million compared to $751.6 million for the 53 week period ended February 3, 2007. Comparable store sales declined 4.4% for the full year fiscal 2007.
At the end of the fourth quarter of fiscal 2007, the company operated 690 Hot Topic stores and 151 Torrid stores compared to 694 Hot Topic stores and 131 Torrid stores at the end of fourth quarter fiscal 2006.
During the fourth quarter of fiscal 2007, the company opened a total of five Torrid stores and closed five Hot Topic stores and one Torrid store.
The company also remodeled or relocated 12 Hot Topic stores during the quarter, bringing the total number of remodeled or relocated stores during fiscal 2007 to 70.
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