Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - HOT TOPIC INC /CA/ | d8k.htm |
Exhibit 99.1
** NEWS RELEASE **
HOT TOPIC, INC. REPORTS OCTOBER COMP STORE SALES DOWN 2.6%
Amy Kocourek joins Hot Topic as Chief Merchandising Officer
CITY of INDUSTRY, CA, November 4, 2009 — Hot Topic, Inc. (Nasdaq Global Select Market: HOTT) today announced the sales results for its fiscal month of October and its fiscal third quarter (four weeks, and thirteen weeks, respectively ended October 31, 2009). A summary of the sales results by division (including internet) is as follows:
| Net Sales | Comparable Store Sales % Change |
|||||||||||
| $ Millions |
% Change To Last Year |
This Year |
Last Year |
|||||||||
| OCTOBER: |
||||||||||||
| Hot Topic |
$ | 52.0 | -2.5 | % | -2.6 | % | 8.4 | % | ||||
| Torrid |
$ | 11.6 | 1.1 | % | -2.5 | % | 7.8 | % | ||||
| Total Co. |
$ | 63.6 | -1.8 | % | -2.6 | % | 8.3 | % | ||||
| THIRD QUARTER: |
||||||||||||
| Hot Topic |
$ | 151.0 | -5.6 | % | -5.8 | % | 1.7 | % | ||||
| Torrid |
$ | 38.6 | 2.9 | % | -1.4 | % | -3.0 | % | ||||
| Total Co. |
$ | 189.6 | -3.9 | % | -5.0 | % | 1.0 | % | ||||
| YEAR TO DATE: |
||||||||||||
| Hot Topic |
$ | 405.6 | -0.7 | % | -1.7 | % | -0.4 | % | ||||
| Torrid |
$ | 116.9 | 1.6 | % | -3.9 | % | -2.3 | % | ||||
| Total Co. |
$ | 522.5 | -0.1 | % | -2.2 | % | -0.8 | % | ||||
The company expects its third quarter earnings to be at the high end of its previous guidance of $0.11 to $0.13 per diluted share.
Amy Kocourek has joined the company as Chief Merchandising Officer of the Hot Topic division. Amy will oversee all elements of Hot Topic merchandising including buying, planning and allocation, marketing, store design, visual and hottopic.com. Amy has over 19 years of experience in fashion retail, most recently as Vice President, General Merchandise Manager, Women’s Apparel and Accessories for American Eagle Outfitters. From 1996 to 2007, Amy held buying and management positions with the Old Navy division of Gap, Inc. Prior to joining Gap, Inc. she held merchandising positions with Rampage Retail Stores and was the Co-Founder of BAM Accessories. In her role as Hot Topic Chief Merchandising Officer, she will report to Betsy McLaughlin, the Company’s Chief Executive Officer.
For more detailed information relating to the above results, please call 626-709-1209 to listen to a recorded commentary. Additionally, a conference call to discuss third quarter results, business trends, guidance and other matters is scheduled for November 18, 2009 at 4:30 PM (ET). The conference call number is 866-271-0675, pass code “Hot Topic”, and will be accessible to all interested parties. It will also be webcast on the company’s Investor Relations website located at http://investorrelations.hottopic.com. A replay of the conference call will be available at 888-286-8010, pass code 29624475, for approximately two weeks. In addition, a webcast replay of the conference call will be available on the company’s Investor Relations website for approximately two weeks.
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 discovery concept, ShockHound. Hot Topic offers music/pop culture-licensed and music/pop culture-influenced apparel, accessories, music and gift items for young men and women principally between the ages of 12 and 22. Torrid offers apparel, lingerie, shoes and accessories designed for various lifestyles for plus-size females principally between the ages of 15 and 29. ShockHound (www.shockhound.com) is a one-stop, genre-spanning music website where people of all ages can purchase MP3s and music merchandise, share their music interests and read music news and editorial content. As of October 31, 2009, the company operated 680 Hot Topic stores in all 50 states and Puerto Rico, 156 Torrid stores, and Internet stores www.hottopic.com, www.torrid.com and www.shockhound.com.
In addition to historical information, this news release and the aforementioned prerecorded commentary contain forward-looking statements, which may include statements relating to financial results, guidance, store operations, closures, remodels and relocations, projections and other financial performance. These statements involve risks and uncertainties, including risks and uncertainties associated with meeting expected financial results, fluctuations in sales and comparable store sales results, our online music site, music and fashion trends, competition from other retailers, uncertainties generally associated with specialty retailing, technology and other risks associated with Internet sales, the effect of negative conditions in the economic environment (including global capital and credit markets), the effect of severe weather or natural disasters, political and/or social changes or events that could negatively impact shopping patterns and/or mall traffic, relationships with mall developers and operators, relationships with our vendors, litigation proceedings and contingent liabilities, as well as other risks detailed in the company’s SEC reports including its Annual Report on Form 10-K for the year ended January 31, 2009 and its Quarterly Reports on Form 10-Q. Historical results achieved are not necessarily indicative of the future prospects of the company, and actual results or circumstances could differ materially from the forward-looking statements.
Contact:
Hot Topic, Inc., City of Industry, CA
Jim McGinty, CFO 626-839-4681 x2675