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Retailer Hot Topic provides guidance for H2

21
Aug '08
Hot Topic Inc announced that the company incurred a net loss in the second quarter of fiscal 2008 (13 weeks ended August 2, 2008) of $0.4 million, or $0.01 per share, compared with a net loss of $1.7 million, or $0.04 per share, in the second quarter of fiscal 2007 (13 weeks ended August 4, 2007). The second quarter of fiscal 2008 results include approximately $0.01 per share of expense related to the company's online music initiative.

As previously reported, total sales for the second quarter of fiscal 2008 increased 3.2% to $166.8 million compared to $161.7 million for the second quarter last year. Total company comparable store sales declined 0.9% for the second quarter of fiscal 2008.

At the end of the second quarter of fiscal 2008, the company operated 684 Hot Topic stores and 158 Torrid stores compared to 693 Hot Topic stores and 133 Torrid stores at the end of the second quarter of fiscal 2007. During the second quarter of fiscal 2008, the company opened two Hot Topic stores and four Torrid stores, and closed four Hot Topic stores. The company also relocated three Hot Topic stores during the quarter.

The company issued third quarter (13 weeks ending November 1, 2008) guidance of earnings in the range of $0.12 to $0.15 per diluted share based upon a comparable store sales decline of low-single digits.

The company also issued fourth quarter (13 weeks ending January 31, 2009) guidance of earnings in the range of $0.25 to $0.28 per diluted share based upon a comparable store sales decline of low-single digits.

Included in the guidance is expense related to the launch of the company's online music initiative of approximately $0.02 and $0.01 per share, for the third and fourth quarter, respectively.

Hot Topic Inc


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