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Rock n' roll-inspired apparel seller posts Q1 results

22
May '08

Hot Topic Inc announced that the company incurred a net loss in the first quarter of 2008 (13 weeks ended May 3, 2008) of $1.4 million, or $0.03 per share, compared with a net loss of $0.8 million, or $0.02 per share, in the first quarter of 2007 (13 weeks ended May 5, 2007). The first quarter 2008 results include approximately $0.01 per share of expense related to our online music initiative.

As previously reported, total sales for the first quarter of 2008 increased 1.1% to $159.0 million compared to $157.3 million for the first quarter last year. Total company comparable store sales declined 2.8% for the first quarter of fiscal 2008.

At the end of the first quarter of fiscal 2008, the company operated 686 Hot Topic stores and 154 Torrid stores compared to 695 Hot Topic stores and 131 Torrid stores at the end of first quarter fiscal 2007. During the first quarter of fiscal 2008, the company opened a total of four Torrid stores and closed four Hot Topic stores and one Torrid store. The company also remodeled or relocated seven Hot Topic stores during the quarter.

The company also announced that it estimates second quarter (ending August 2, 2008) loss per share to be in the range of $0.02 to $0.04, as compared to a loss per share of $0.04 last year, based upon comp sales in the range of flat to a low-single digit decline. Included in the guidance is approximately $0.01 to $0.02 per share of expense related to our online music initiative.

A conference call to discuss first quarter results, business trends, guidance and other matters is scheduled for May 21, 2008 at 4:30 PM (ET). In addition, the conference call will also be webcast on the company's Investor Relations website. A replay of the conference call will be available for approximately two weeks. In addition, a webcast replay of the conference call will be available on the company's Investor Relations website.

Hot Topic Inc

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