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Hot Topic same-store sales drop 5.7% & Cook appointed as President
04 Nov '05
2 min read
California based Hot Topic Inc announced the following sales results for its fiscal month of October (four weeks ended October 29, 2005).
Based upon the sales results, the Company expects to be at the low end of the previously issued third quarter earnings guidance range of $0.15 to $0.18 per diluted share.
The Company also announced that effective immediately Jerry Cook has assumed the responsibilities of the new position of President, Hot Topic, Inc. Jerry will oversee information technologies, distribution, legal, loss prevention, real estate, visual, store design, hottopic.com and Hot Topic store operations. Hot Topic merchandising will report directly to Chief Executive Officer, Betsy McLaughlin.
During the third quarter, ended October 29, 2005, the Company repurchased an aggregate of 445,000 shares of its Common Stock at an average cost of $14.36, which was pursuant to its Board of Directors' authorization of the repurchase of up to an aggregate of $20,000,000 of its Common Stock. The repurchase program is expected to continue through January 28, 2006, subject to appropriate market conditions, unless extended or shortened by the Board of Directors.
For more detailed information on October sales results, please call 888-286-8010 with pass code number 71179951 to listen to a recorded commentary. Additionally, a conference call to discuss third quarter results, business trends and other matters is scheduled for November 16, 2005 at 4:30 PM (ET).
Based upon the sales results, the Company expects to be at the low end of the previously issued third quarter earnings guidance range of $0.15 to $0.18 per diluted share.
The Company also announced that effective immediately Jerry Cook has assumed the responsibilities of the new position of President, Hot Topic, Inc. Jerry will oversee information technologies, distribution, legal, loss prevention, real estate, visual, store design, hottopic.com and Hot Topic store operations. Hot Topic merchandising will report directly to Chief Executive Officer, Betsy McLaughlin.
During the third quarter, ended October 29, 2005, the Company repurchased an aggregate of 445,000 shares of its Common Stock at an average cost of $14.36, which was pursuant to its Board of Directors' authorization of the repurchase of up to an aggregate of $20,000,000 of its Common Stock. The repurchase program is expected to continue through January 28, 2006, subject to appropriate market conditions, unless extended or shortened by the Board of Directors.
For more detailed information on October sales results, please call 888-286-8010 with pass code number 71179951 to listen to a recorded commentary. Additionally, a conference call to discuss third quarter results, business trends and other matters is scheduled for November 16, 2005 at 4:30 PM (ET).
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