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current news

Hot Topic Reports 2q Net Loss

(Filed Under Financial and General Interest News). Hot Topic, Inc., which operates pop culture-influenced Hot Topic stores as well as plus-size women’s Torrid stores, reported a net loss of $6.2 million, or 14 cents a share, for the second quarter of fiscal 2011.

In the prior year’s period, Hot Topic registered a net loss of $6.3 million, or 14 cents a share. The 2011 results include $4.1 million of expenses — approximately 6 cents per share — for the implementation of previously announced monetary charges for strategic business changes and a cost-reduction plan.

Total sales for the quarter increased .7 percent to $150 million, compared to $150 million in 2010. Comparable store sales were up 2.6 percent in the quarter.

At the end of the quarter, Hot Topic, Inc. was operating 636 Hot Topic and 145 Torrid locations, down from 679 Hot Topic and 155 Torrid stores at this time last year. The company plans to close between 10 and 20 Hot Topic stores, but open between 25 and 45 Torrid locations in fiscal 2012.

more Financial and General Interest News >>

Published 10-07-2011 by Katherine Rautenberg

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