Hot Topic, Inc. Reports 4th Quarter Financial Results
Hot Topic, Inc. (Nasdaq Global Select Market: HOTT) reported results for its fiscal fourth quarter and fiscal year of 2012 (14 weeks and 53 weeks, respectively) ended February 2, 2013.
The company reported net income in the fourth quarter of $12.1 million, or $0.29 per share, compared to net income of $9.0 million, or $0.21 per share, for the fourth quarter of fiscal year 2011 (13 weeks). Total sales for the fourth quarter of fiscal 2012 increased 11.0% to $233.0 million compared to $209.9 million for the fourth quarter of fiscal year 2011. Total company comparable sales increased 2.6% for the fourth quarter of fiscal 2012. Due to the 53rd week in fiscal 2012, fourth quarter comparable sales are compared to the corresponding 14 week period ended February 4, 2012. Additionally, during the first quarter of fiscal 2012, the company began including Internet sales in the computation of comparable sales. All prior year comparable sales results have been adjusted to reflect this change. A summary of the sales results by division was included in the fourth quarter sales release.
For the fiscal year of 2012, the company reported net income of $19.5 million, or $0.46 per share, compared to a net loss of $1.8 million, or $0.04 per share, for fiscal year 2011 (52 weeks). The results for fiscal year 2011 include a charge of $16.6 million for the implementation of the strategic business changes and cost reduction plan. On a non-GAAP basis, which excludes the charges for the strategic business changes and the cost reduction plan, fiscal year 2011 net income was $0.19 per share. (Refer to GAAP to non-GAAP reconciliation.)
At the end of the fourth quarter of fiscal 2012, the company operated 618 Hot Topic stores, 190 Torrid stores and five Blackheart stores compared to 628 Hot Topic stores and 148 Torrid stores at the end of fourth quarter of fiscal 2011. During the fourth quarter of fiscal 2012, the company opened five Torrid stores and five Blackheart stores, and closed two Hot Topic stores and one Torrid store. The company also remodeled one Hot Topic store during the quarter.
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