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Hot Topic net income falls in Q3

Nov '05
California based Hot Topic Inc reported net income for the quarter ended October 29, 2005 of $5.9 million or $0.13 per diluted share, compared to $12.4 million or $0.26 per diluted share for the same period last fiscal year.

Included in the third quarter results is a charge of $1.5 million, or $0.02 per diluted share, included in selling, general and administrative expenses as a provision for potential liabilities associated with two related California wage and hour lawsuits.

As previously reported, net sales for the third quarter increased 7 percent to $192.7 million from $180.8 million for the third quarter of fiscal 2004.

Comparable store sales decreased 6.2 percent for the quarter compared to a decrease of 4.2 percent in the third quarter of fiscal 2004.

At the end of the quarter, the company operated 648 Hot Topic stores and 114 Torrid stores compared to 580 Hot Topic stores and 69 Torrid stores at the end of the third quarter of fiscal 2004.

During fiscal 2005 year-to-date, the company has opened 56 Hot Topic stores and 39 Torrid stores. The company now expects to open approximately 115 new stores in 2005.

This includes an estimated 70 new Hot Topic stores, five more than the previously announced 65 Hot Topic stores, and an estimated 45 new Torrid stores. The company expects to end the year operating 662 Hot Topic stores and 120 Torrid stores.

Mall-based specialty retailer Hot Topic offers apparel, accessories and gifts to young men and women principally between the ages of 12 and 22. Torrid, the company's second concept, provides plus-size fashion-forward apparel and accessories that target young women principally between the ages of 15 and 29. As of October 29, 2005, the company operated 648 Hot Topic stores in all 50 states and Puerto Rico and 114 Torrid stores.

Hot Topic Inc

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