Hot Topic, Inc. Reports 2nd Quarter Financial Results
Hot Topic, Inc. (Nasdaq Global Select Market: HOTT) reported results for its second quarter of fiscal 2012 (13 weeks) ended July 28, 2012.
The company reported a net loss in the second fiscal quarter of $0.8 million, or $0.02 per share, compared to a net loss of $6.2 million, or $0.14 per share, for the comparable period last year. The results for the second quarter of 2011 include $4.1 million of expenses, or $0.06 per share, for the implementation of the strategic business changes and cost reduction plan. On a non-GAAP basis, which excludes these charges, the second quarter of 2011 results were a net loss of $0.08 per share. Refer to GAAP to non-GAAP reconciliation below.
Total sales for the second quarter of fiscal 2012 increased 4.6% to $157.8 million compared to $150.9 million for the second quarter last year. Total company comparable sales increased 3.9% for the second quarter of fiscal 2012.
“This was a strong quarter, with improved merchandising, markdown optimization, and other productivity initiatives showing great results at Hot Topic and Torrid,” said Lisa Harper, Chairman and CEO of Hot Topic, Inc. “We’re also pleased with the progress at Torrid, where we’ve rolled out a comprehensive, well-differentiated rebrand over the last couple of weeks. We believe our sexy, fashion-forward point of view will help drive continued improvement for the brand and the company overall.”At the end of the second quarter of fiscal 2012, the company operated 620 Hot Topic stores and 171 Torrid stores compared to 636 Hot Topic stores and 145 Torrid stores at the end of second quarter of fiscal 2011. During the second quarter of fiscal 2012, the company opened one Hot Topic store and ten Torrid stores and closed five Hot Topic stores and three Torrid stores. The company also remodeled or relocated twenty Hot Topic stores and four Torrid stores during the quarter.
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