(Filed Under Financial and General Interest News). Hot Topic, Inc. closed out the fourth quarter ended January 30, 2010 with disappointing results, according to Betsy McLaughlin, chief executive officer of the company. During the fourth quarter ended January 30, 2010, Hot Topic, Inc. cited a 3.2 decrease in net sales, to $736.7 million. Comparable store sales dropped 5.1 percent compared to a 1 percent increase during the previous year’s fourth quarter.
The Hot Topic division’s net sales dropped 12.4 percent, to $174.2 million, and comparable store sales were down 13.5 percent compared to a 6.5 percent increase. Apparel accounted for 56 percent of sales both this year and last. The women’s and men’s categories dropped 23 percent and 10 percent, respectively.
The Torrid division’s sales were flat, an improvement over declines in the third quarter. Torrid.com cited a 17 percent increase in sales.
Hot Topic, Inc. is a mall and web-based specialty retailer operating the Hot Topic and Torrid concepts, as well as the e-space music concept, Shockhound. For further information, contact Jim McGinty, chief financial officer, by calling (626) 839-4681 ext. 2675.
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