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Retailer Hot Topic Comp Store sales fall 8% in Q2

Aug '05
Fashion accessories retail chain store Hot Topic Inc reported net income for the quarter ended July 30, 2005 decreased to $0.9 million or $0.02 per diluted share, from $4.5 million or $0.09 per diluted share for the same period last fiscal year. Net sales for the second quarter increased 12 percent to $152.2 million, from $136.3 million for the second quarter of fiscal 2004.

As previously reported, comparable store sales decreased 3.5 percent for the quarter compared to the second quarter of fiscal 2004.

At the end of the quarter, the Company operated 728 stores, including 100 Torrid stores, compared to 613 stores, including 59 Torrid stores, at the end of the second quarter of fiscal 2004.

The Company also announced that comparable store sales month-to-date through August 16, 2005, have decreased approximately 8 percent from the same period last year. As a result, the Company currently expects total sales for the third quarter of 2005, ending October 29, 2005, to be in the range of $192 to $195 million.

Based on this sales assumption that incorporates comp sales to be down in the mid-single digit percentage range from a year ago, the Company estimates that third quarter earnings will be in the range of $0.15 to $0.18 per diluted share.

In addition, the Company also announced that, based upon the current trends of the business, sales guidance for the fourth quarter is now in the range of $220 to $230 million and comp sales are expected to be down in the low to mid-single digit percentage range from a year ago.

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