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Hot Topic plans to build distribution facility in Tennessee

Jun '05
National mall-based specialty retailer Hot Topic Inc announced that comparable store sales month-to-date through June 20, 2005, has decreased approximately 4 percent from the same period last year.

As a result, the company currently expects total sales for the second quarter of 2005, ending July 30, 2005, to be in the range of $155 million to $158 million. Based on this sales assumption, the company currently estimates that second quarter net income will be in the range of $0.07 to $0.09 per diluted share.

Betsy McLaughlin, Chief Executive Officer, said, "We are clearly disappointed by our summer sales results thus far into the second quarter. Sales in our music-related classifications for Hot Topic stores are maintaining their positive comp trend and Torrid continues to perform well; however, the remaining major product classifications within Hot Topic (mens, womens, fashion accessories) have declined.

Although the comps have improved as we have moved through the month, we expect to be unable to offset the difficult business from earlier in the month. We are also experiencing later school ending dates than a year ago in many parts of the country."

In addition, the company announced that it entered into a purchase and sale agreement with Crescent Resources, LLC, pursuant to which it agreed to purchase a building and related land in LaVergne, Tennessee for approximately $14.3 million in cash.

The building, which comprises the company's second distribution facility, which is currently leased by the company, consists of approximately 300,000 square feet of office and warehouse space. The company expects this facility to be fully operational by the end of the second quarter and is running ahead of that schedule.

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