|
Hot
Topic, Inc. (HOTT:NASDAQ):
Reports
Second Quarter EPS Increase of 38%
CITY
OF INDUSTRY, Calif., August 20, 2003 -- Hot Topic, Inc. (Nasdaq:HOTT),
a mall-based specialty retailer of music-licensed and music-influenced
apparel, accessories and gift items for teens, reported company-record
results for the second quarter (13 weeks) ended August 2,
2003.
Net income
in the second quarter increased to $5.9 million or $0.18 per
diluted share from $4.3 million or $0.13 per diluted share
for the second quarter of the last fiscal year. Net sales
for the second quarter increased 25% to $115.7 million from
$92.5 million for the second quarter of fiscal 2002.
As previously
reported, comparable-store sales increased 5.2% for the quarter
compared to the second quarter of fiscal 2002. At the end
of the quarter, the Company operated 497 stores, including
40 Torrid stores, compared to 415 stores, including 14 Torrid
stores, at the end of the second quarter of fiscal 2002.
For the
first 26 weeks of fiscal 2003, net income was $10.3 million
or $0.32 per diluted share, compared to $8.0 million or $0.24
per diluted share for the comparable period last year, an
earnings per share increase of 33%. The Company previously
reported its net sales for the 26 weeks ended August 2, 2003
were $216.4 million, an increase of 26% over net sales of
$172.4 million for the first 26 weeks of fiscal 2002, and
comparable-store sales increased 4.0%.
The Company
also announced that it expects to open 80 new Hot Topic stores
in 2003, ten more than the previously announced 70 new Hot
Topic stores. The Company expects to end the year operating
52 Torrid stores and 498 Hot Topic stores.
On August
12, 2003 the Company announced that its Board of Directors
declared a three-for-two split (in the form of a dividend)
of its common stock. On the effective date of September 2,
2003, shareholders will receive a dividend of one additional
share for every two shares they own at the close of business
on the record date of August 21, 2003. All share and per share
information presented in this release have not been adjusted
to reflect the three-for-two stock split.
A conference
call to discuss second quarter results, business trends, and
other matters will be conducted today at 4:30 PM Eastern time.
The conference call number is 888-868-9080, and will be accessible
to all interested parties. It will also be webcast at www.companyboardroom.com
. A replay will be available at 973-341-3080, pass code 3265628,
and at www.companyboardroom.com for approximately 10 days.
Hot Topic,
Inc. is a national mall-based specialty retailer of music-licensed
and music-influenced apparel, accessories and gift items for
young men and women principally between the ages of 12 and
22. Torrid, the Company's second concept, is a mall-based
specialty retailer of plus-sized fashion-forward apparel and
accessories that targets young women principally between the
ages of 15 and 29. The Company currently operates 463 Hot
Topic stores in 49 states throughout the United States and
Puerto Rico, 42 Torrid stores and Internet stores www.hottopic.com
and www.torrid.com .
Except
for the historical information contained herein, this news
release contains forward-looking statements, including statements
relating to financial results, projections and other financial
performance, and managing growth. These statements involve
risks and uncertainties, including risks and uncertainties
associated with meeting expected financial results, management
of growth, relationships with mall developers and operators,
the risk that available cash or mall space will not be adequate
for planned expansion, fluctuations in sales and comparable
store sales results, risks and uncertainties with respect
to new store openings including risks associated with the
Company's new store concepts and Internet stores, music and
fashion trends, competition from other retailers, uncertainties
generally associated with specialty retailing, the effect
of economic conditions, 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
as well as other risks detailed from time to time in the Company's
SEC reports, including its Quarterly Report on Form 10-Q for
the quarter ended May 3, 2003 and its Annual Report on Form
10-K for the year ended February 1, 2003. The historical results
achieved are not necessarily indicative of the future prospects
of the Company.
Return
to headlines
Declares
Three-for-Two Stock Split
CITY
OF INDUSTRY, Calif., August 12, 2003 -- Hot Topic, Inc. (Nasdaq:HOTT),
a national mall-based specialty retailer of music-licensed
and music-influenced apparel, accessories and gift items for
teens, announced today that its Board of Directors has declared
a three-for-two split (in the form of a dividend) of its common
stock. On the effective date of September 2, 2003, shareholders
will receive a dividend of one additional share for every
two shares they own at the close of business on the record
date of August 21, 2003. Cash will be paid in lieu of issuing
fractional shares based on the closing sales price of the
Company's common stock on the effective date of the split.
Following
the effective date of the split, Hot Topic will have approximately
47.5 million shares outstanding. The Company split its stock
three-for-two on February 6, 2002, two-for-one on December
27, 2000, and also two-for-one on December 28, 1999.
The Company
expects to issue a news release to report full financial results
for the second quarter ended August 2, 2003, after market
close on Wednesday, August 20, 2003. A conference call to
discuss second quarter results, business trends, and other
matters will be conducted at 4:30 p.m. Eastern time on August
20, 2003. The conference call number is 888-868-9080, and
will be accessible to all interested parties. It will also
be webcast at www.streetevents.com . A replay will be available
at 973-341-3080, pass code 3265628, and at www.streetevents.com
.
Hot Topic,
Inc. is a national mall-based specialty retailer of music-licensed
and music-influenced apparel, accessories and gift items for
young men and women principally between the ages of 12 and
22. Torrid, the Company's second concept, is a mall-based
specialty retailer of plus-size fashion-forward apparel and
accessories that targets young women principally between the
ages of 15 and 29. The Company currently operates 459 Hot
Topic stores in 49 states and Puerto Rico, 41 Torrid stores
and Internet stores www.hottopic.com and www.torrid.com .
Except
for the historical information contained herein, this news
release contains forward-looking statements, including statements
relating to financial results, projections and other financial
performance, and managing growth. These statements involve
risks and uncertainties, including risks and uncertainties
associated with meeting expected financial results, management
of growth, relationships with mall developers and operators,
the risk that available cash or mall space will not be adequate
for planned expansion, fluctuations in sales and comparable
store sales results, risks and uncertainties with respect
to new store openings including risks associated with the
Company's new store concepts and Internet stores, music and
fashion trends, competition from other retailers, uncertainties
generally associated with specialty retailing, the effect
of economic conditions, 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
as well as other risks detailed from time to time in the Company's
SEC reports, including its Quarterly Report on Form 10-Q for
the quarter ended May 3, 2003 and its Annual Report on Form
10-K for the year ended February 1, 2003. The historical results
achieved are not necessarily indicative of the future prospects
of the Company.
Return
to headlines
Reports
8.7% July 2003 Comp Sales Increase;
Second Quarter Comp Sales Increased 5.2%
CITY OF INDUSTRY, Calif., August 6, 2003 -- Hot Topic, Inc.
(Nasdaq:HOTT), a mall-based specialty retailer of music-licensed
and music-influenced apparel, accessories and gift items for
teens, announced net sales for fiscal July 2003 (four weeks
ended August 2, 2003) increased 28% to $42.1 million from
net sales of $32.8 million for fiscal July 2002. Same store
sales for the four weeks ended August 2, 2003 increased by
8.7% compared to the corresponding four weeks last year. Last
year, July same store sales decreased by 2.2% compared with
fiscal July 2001. Seven new Hot Topic stores were opened in
July 2003.
Net
sales for the second
quarter of fiscal
2003 (13 weeks ended
August 2, 2003) were
$115.7 million, an
increase of 25% over
sales of $92.5 million
for the same period
of fiscal 2002. For
the second quarter
of 2003 same store
sales increased 5.2%
compared to the same
13 weeks of fiscal
2002. Last year, same
store sales for the
second quarter of
fiscal 2002 increased
0.6% compared with
the corresponding
period in fiscal 2001.
Twenty-three new Hot
Topic and six new
Torrid stores were
opened during the
second quarter of
fiscal 2003.
Net
sales for the first
26 weeks of fiscal
2003, ended August
2, 2003, were $216.4
million, an increase
of 26% over sales
of $172.4 million
for the same period
of fiscal 2002. Same
store sales increased
4.0% for the first
26 weeks of fiscal
2003 compared to the
corresponding period
in fiscal 2002. Same
store sales for the
first 26 weeks of
fiscal 2002 increased
by 0.1% compared with
the corresponding
period in fiscal 2001.
Betsy
McLaughlin, President
and Chief Executive
Officer, said, "Sales
throughout July exceeded
our plan, with positive
comps in each of the
four major product
classifications. We
are very pleased with
early back-to-school
indications and believe
we are well positioned
going into the key
August selling period."
"As
a result of the July
sales performance,
we expect to report
fiscal second quarter
earnings of approximately
$0.17 per diluted
share, up from our
guidance at the beginning
of the quarter of
$0.16 per diluted
share," added McLaughlin.
For
more detailed information
on July sales results,
please call (626)
771-0006 to listen
to a recorded commentary.
Hot
Topic, Inc. is a national
mall-based specialty
retailer of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-size
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 457 Hot Topic
stores in 49 states
and Puerto Rico, 40
Torrid stores and
Internet stores www.hottopic.com
and
www.torrid.com .
Except
for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Report
on Form 10-Q for the
quarter ended May
3, 2003 and its Annual
Report on Form 10-K
for the year ended
February 1, 2003.
The historical results
achieved are not necessarily
indicative of the
future prospects of
the Company.
Return
to headlines
Reports
May 3.2% Comp Store
Sales Increase; Total
Sales Increase 25%
CITY OF INDUSTRY, Calif.,
June 4, 2003 -- Hot Topic,
Inc. (HOTT) , a mall-based
specialty retailer of music-licensed
and music-influenced apparel,
accessories and gift items
for teens, announced net
sales for fiscal May 2003
(four weeks ended May 31,
2003) increased 25% to $31.2
million from net sales of
$25.0 million for fiscal
May 2002. Same store sales
for the four weeks ended
May 31, 2003 increased by
3.2% compared to the corresponding
four weeks last year. Last
year, May same store sales
increased by 2.5% compared
with fiscal May 2001. Six
new Hot Topic and three
new Torrid stores were opened
in May 2003.
Net sales for the first
17 weeks of fiscal
2003, ended May 31,
2003, were $131.9
million, an increase
of 26% over sales
of $104.9 million
for the same period
of fiscal 2002. Same
store sales increased
2.7% for the first
17 weeks of fiscal
2003 compared to the
first 17 weeks of
fiscal 2002. Last
year, same store sales
for the first 17 weeks
of fiscal 2002 increased
0.1% compared with
the corresponding
period in fiscal 2001.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "Sales
throughout May met
our expectations,
with the strongest
sales over the Memorial
Day holiday weekend.
The comp increase
was attributable to
an increase in the
average number of
sales transactions
per store. Inventory
levels continue to
be on plan, down slightly
on a square foot basis
compared to May 2002."
For more detailed information
on May sales results,
please call (626)
771-0006 to listen
to a recorded commentary.
Hot Topic, Inc. is
a national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-size
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 440 Hot Topic
stores in 49 states
throughout the United
States, 37 Torrid
stores and Internet
stores .
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Annual Report
on Form 10-K for the
year ended February
1, 2003. The historical
results achieved are
not necessarily indicative
of the future prospects
of the Company.
Return
to headlines
Reports
First Quarter EPS
Increases 27% to a
Record $0.14 Per Diluted
Share
CITY OF INDUSTRY, Calif.,
May 21, 2003--Hot Topic,
Inc. (Nasdaq:HOTT), a mall-based
specialty retailer of music-licensed
and music-influenced apparel,
accessories and gift items
for teens, reported company-record
results for the first quarter
(13 weeks) ended May 3,
2003.
Net income in the first
quarter increased
to $4.4 million or
$0.14 per diluted
share from $3.7 million
or $0.11 per diluted
share for the first
quarter of the last
fiscal year. Net sales
for the first quarter
increased 26% to $100.7
million from $79.9
million for the first
quarter of fiscal
2002.
As previously reported,
comparable-store sales
increased 2.6% for
the quarter compared
to the first quarter
of fiscal 2002. At
the end of the quarter,
the Company operated
468 stores, including
34 Torrid stores,
compared to 379 stores,
including 7 Torrid
stores, at the end
of the first quarter
of fiscal 2002.
A conference call to
discuss first quarter
results, business
trends, and other
matters will be conducted
today at 4:30 p.m.
Eastern time. The
conference call number
is 800/231-5571, and
will be accessible
to all interested
parties. It will also
be webcast at www.streetevents.com
. A replay will be
available at 973/341-3080,
pass code 3265628,
and at www.streetevents.com
for approximately
10 days.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Annual Report
on Form 10-K for the
year ended February
1, 2003. The historical
results achieved are
not necessarily indicative
of the future prospects
of the Company.
Return
to headlines
Reports
9.0% April 2003 Comp
Sales Increase; First
Quarter Comp Sales
Increased 2.6%
CITY OF INDUSTRY, Calif.,
May 7, 2003--Hot Topic,
Inc.(Nasdaq:HOTT), a mall-based
specialty retailer of music-licensed
and music-influenced apparel,
accessories and gift items
for teens, announced net
sales for fiscal April 2003
(four weeks ended May 3,
2003) increased 33% to $32.4
million from net sales of
$24.4 million for fiscal
April 2002. Same store sales
for the four weeks ended
May 3, 2003, increased by
9.0% compared to the corresponding
four weeks last year. Last
year, April same store sales
decreased by 2.0% compared
with fiscal April 2001.
Eight new Hot Topic stores,
including the Company's
first location in Alaska,
and two new Torrid stores
were opened in April 2003.
Net sales for the first
quarter of fiscal
2003 (13 weeks ended
May 3, 2003) were
$100.6 million, an
increase of 26% over
sales of $79.9 million
for the same period
of fiscal 2002. Same
store sales for the
first 13 weeks of
fiscal 2003 increased
2.6% compared to the
first 13 weeks of
fiscal 2002. Last
year, same store sales
for the first 13 weeks
of fiscal 2002 decreased
0.5% compared with
the corresponding
period in fiscal 2001.
Sixteen new Hot Topic
and seven new Torrid
stores were opened
during the first quarter
of fiscal 2003.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "We
are pleased with our
first quarter and
Spring Break sales.
As expected, the week
leading up to Easter
was the biggest sales
week in the quarter.
Comp sales were positive
in each week of fiscal
April. We continue
to expect first quarter
earnings to be $0.13
per diluted share,
as compared to $0.11
last year, an increase
of approximately 18%."
For more detailed information
on April sales results,
you can call 626/771-0006
to listen to a recorded
commentary.
The Company expects to
issue a news release
to report full financial
results for the first
quarter ended May
3, 2003, after market
close on Wednesday,
May 21, 2003. A conference
call to discuss first
quarter results, business
trends, and other
matters will be conducted
at 4:30 p.m. Eastern
time on May 21, 2003.
The conference call
number is 800/231-5571,
and will be accessible
to all interested
parties. It will also
be webcast at www.streetevents.com.
A replay will be available
at 973/341-3080, pass
code 3265628, and
at www.streetevents.com.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 434 Hot Topic
stores in 49 states
throughout the United
States, 34 Torrid
stores and Internet
stores www.hottopic.com
and www.torrid.com.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Annual Report
on Form 10-K for the
year ended February
1, 2003. The historical
results achieved are
not necessarily indicative
of the future prospects
of the Company.
Return
to headlines
Reports
March 2003 Sales
CITY OF INDUSTRY, Calif.,
April 9, 2003--Hot Topic,
Inc. (Nasdaq: HOTT), a mall-based
specialty retailer of music-licensed
and music-influenced apparel,
accessories and gift items
for teens, announced net
sales for fiscal March 2003
(five weeks ended April
5, 2003) increased 18% to
$38.3 million from net sales
of $32.4 million for fiscal
March 2002. Same store sales
for the five weeks ended
April 5, 2003 decreased
by 3.1% compared to the
corresponding five weeks
last year. Last year, March
same store sales increased
by 1.2% compared with fiscal
March 2001. Eight new Hot
Topic and four new Torrid
stores were opened in March
2003.
Net sales for the first
nine weeks of fiscal
2003, ended April
5, 2003, were $68.2
million, an increase
of 23% over sales
of $55.5 million for
the same period of
fiscal 2002. Same
store sales decreased
0.1% for the first
nine weeks of fiscal
2003 compared to the
first nine weeks of
fiscal 2002. Last
year, same store sales
for the first nine
weeks of fiscal 2002
increased 0.1% compared
with the corresponding
period in fiscal 2001.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "The
shift of Easter this
year to April (vs.
March last year) makes
comparisons of the
individual months
difficult. As expected,
comp sales were positive
in four of the five
weeks of March this
year. Comp sales were
only negative during
the fourth week of
March, which last
year was the week
leading up to Easter
and the peak week
of the quarter."
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 426 Hot Topic
stores in 48 states
throughout the United
States, 32 Torrid
stores and Internet
stores.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Reports
on Form 10-Q for the
quarters ended May
4, 2002, August 3,
2002, and November
2, 2002 and its Annual
Report on Form 10-K
for the year ended
February 2, 2002.
The historical results
achieved are not necessarily
indicative of the
future prospects of
the Company.
Return
to headlines
Reports
Fourth Quarter and
FY 2002 EPS Increase
CITY OF INDUSTRY, Calif.,
March 4, 2003--Hot Topic,
Inc. (Nasdaq:HOTT), a mall-based
specialty retailer of music-licensed
and music-influenced apparel,
accessories and gift items
for teens, reported company-record
results for both the fourth
quarter (13 weeks) and the
2002 fiscal year (52 weeks)
ended February 1, 2003.
Net income in the fourth
quarter increased
to $16.6 million or
$0.51 per diluted
share from $12.5 million
or $0.38 per diluted
share for the fourth
quarter of the last
fiscal year. Net sales
for the fourth quarter
increased 36% to $148.3
million from $109.1
million for the fourth
quarter of fiscal
2001.
As previously reported,
comparable store sales
increased 9.7% for
the fourth quarter
over last year's fourth
quarter.
For the fiscal year
ended February 1,
2003, net income increased
to $34.6 million or
$1.05 per diluted
share from $28.6 million
or $0.86 per diluted
share for fiscal 2001.
Net sales for fiscal
2002 were $443.2 million,
an increase of 32%
from net sales of
$336.1 million for
fiscal 2001.
As previously reported,
comparable-store sales
increased 5.0% for
the year. At the end
of fiscal 2002, the
Company operated 445
stores, including
27 Torrid stores,
compared to 352 stores,
including 6 Torrid
stores, at the end
of fiscal 2001.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "Our
fourth quarter sales
increase of 36% and
EPS increase of 34%
was driven by our
9.7% comparable sales
performance and strong
merchandise margins.
For the full year,
we opened 95 new stores,
including 21 Torrid
stores."
In a separate news release
today, the Company
also reported sales
for February 2003,
the first month of
fiscal 2003.
A conference call to
discuss fourth quarter
and fiscal year results,
business trends and
other matters will
be conducted today,
at 1:30 pm Pacific
Standard Time. The
conference call number
is (800) 231-5571,
and will be accessible
to all interested
parties. It will also
be webcast at www.streetevents.com.
A replay will be available
at (973) 341-3080,
pass code 3712692,
and at www.streetevents.com
for approximately
two weeks.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 418 Hot Topic
stores in 48 states
throughout the United
States, 28 Torrid
stores and Internet
stores.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Reports
on Form 10-Q for the
quarters ended May
4, 2002, August 3,
2002, and November
2, 2002 and its Annual
Report on Form 10-K
for the year ended
February 2, 2002.
The historical results
achieved are not necessarily
indicative of the
future prospects of
the Company.
Return
to headlines
February
2003 Sales Increase
CITY OF INDUSTRY, Calif.,
March 4, 2003--Hot Topic,
Inc. (Nasdaq:HOTT), a mall-based
specialty retailer of music-licensed
and music-influenced apparel,
accessories and gift items
for teens, announced net
sales for fiscal February
2003 (four weeks ended March
1, 2003) increased 29% to
$29.9 million from net sales
of $23.1 million for fiscal
February 2002. Same store
sales for the four weeks
ended March 1, 2003 increased
by 4.0% compared to the
corresponding four weeks
last year. Last year, February
same store sales decreased
by 1.4% and in February
2001, same store sales increased
by 10.0%. One new Torrid
store was opened in February
2003.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "February
sales met our expectations,
with strong sales
during the week of
Valentine's Day. As
we move into March,
our inventory is well
positioned to support
the upcoming Spring
break period."
In a separate news release
today, the Company
also reported earnings
for the fourth quarter
and full year of fiscal
2002.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 418 Hot Topic
stores in 48 states
throughout the United
States, 28 Torrid
stores and Internet
stores.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Reports
on Form 10-Q for the
quarters ended May
4, 2002, August 3,
2002, and November
2, 2002 and its Annual
Report on Form 10-K
for the year ended
February 2, 2002.
The historical results
achieved are not necessarily
indicative of the
future prospects of
the Company.
Return
to headlines
Announces
Fourth Quarter Comparable
Store Sales Increase
CITY OF INDUSTRY, Calif.,
February 5, 2003--Hot Topic,
Inc. (Nasdaq:HOTT), a national
mall-based specialty retailer
of music-licensed and music-influenced
apparel, accessories and
gift items for teens, announced
today its net sales for
the fourth quarter of fiscal
year 2002 (13 weeks ended
February 1, 2003) increased
36% to $148.3 million from
net sales of $109.1 million
for the fourth quarter of
2001 (13 weeks ended February
2, 2002). Same store sales
for the 13 weeks ended February
1, 2003 increased by 9.7%
compared to the corresponding
13 weeks last year. Last
year, the same store sales
increase in the fourth quarter
was 3.8%.
Net sales for fiscal
January 2003 (four
weeks ended February
1, 2003) were $26.0
million, a 43% increase
over net sales of
$18.1 million in fiscal
January 2002 (four
weeks ended February
2, 2002). Same store
sales for the four
weeks ended February
1, 2003 increased
by 13.7% compared
to the corresponding
four weeks last year.
Last year, same store
sales decreased 3.1%
for the corresponding
four-week period.
Net sales for fiscal
2002 (52 weeks ended
February 1, 2003)
were $443.2 million,
an increase of 32%
over sales of $336.1
million for fiscal
2001. Same store sales
increased 5.0% for
fiscal 2002. Comparable
store sales increased
3.9% in fiscal 2001
compared to fiscal
2000.
During fiscal 2002,
the Company opened
74 new Hot Topic stores
and 21 new Torrid
stores. In January
2003, two Hot Topic
stores that were at
the end of their ten-year
leases were closed.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "We
are very pleased with
our holiday and fourth
quarter business.
This is the fourth
consecutive year that
we have achieved positive
comp store sales increases
for the fourth quarter.
Our inventories are
on plan and slightly
below last year's
levels on an average
per store basis. With
the above plan January
sales results, we
are raising our fourth
quarter earnings expectations.
We currently expect
fourth quarter earnings
to be approximately
$0.49 per diluted
share, as compared
to $0.38 last year,
an increase of approximately
29%."
The Company expects
to issue a news release
to report full financial
results for the fourth
quarter and fiscal
year ended February
1, 2003 after market
close on Tuesday,
March 4, 2003. Sales
results for fiscal
February 2003 (four
weeks ending March
1, 2003) are also
expected to be announced
on March 4, 2003.
A conference call
to discuss fourth
quarter and fiscal
year results, business
trends, and other
matters will be conducted
at 4:30 p.m. Eastern
time on March 4, 2003.
The conference call
number is 800/231-5571,
and will be accessible
to all interested
parties. It will also
be webcast at www.streetevents.com.
A replay will be available
at 973/341-3080, pass
code 3712692, and
at www.streetevents.com.
For more detailed
information on January
sales results, you
can call 626/771-0006
to listen to a recorded
commentary.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 418 Hot Topic
stores in 48 states
throughout the United
States, 27 Torrid
stores and Internet
stores.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Reports
on Form 10-Q for the
quarters ended May
4, 2002, August 3,
2002, and November
2, 2002 and its Annual
Report on Form 10-K
for the year ended
February 2, 2002.
The historical results
achieved are not necessarily
indicative of future
prospects of the Company.
Return
to headlines
Announces
December Comp and
Net Sales Increases
CITY OF INDUSTRY, Calif.,
January 8, 2003--Hot Topic,
Inc. (Nasdaq:HOTT), a national
mall-based specialty retailer
of music-licensed and music-influenced
apparel, accessories and
gift items for teens, announced
today its net sales for
fiscal December 2002 (five
weeks ended January 4, 2003)
increased 36% to $87.4 million
from net sales of $64.1
million for fiscal December
2001. Same store sales increased
by 10.6% compared to the
corresponding five weeks
last year. Last year, the
same store sales increase
for December was 6.1%.
Total sales for the
first 48 weeks of
fiscal 2002, ended
January 4, 2003, were
$417.2 million, an
increase of 31% over
sales of $317.9 million
for the same period
of fiscal 2001. Same
store sales increased
4.4% for the first
48 weeks of fiscal
2002 compared to the
first 48 weeks of
fiscal 2001. Last
year, same store sales
for the first 48 weeks
of fiscal 2001 increased
by 4.3%.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "We
are very pleased with
both our comparable
and new store December
sales results which
reflect record average
store sales both pre
and post Christmas.
This is the fourth
consecutive year that
we have achieved positive
comp store increases
in December. Similar
to last year, our
promotional level
was low with only
a few planned promotions
during the month."
McLaughlin continued,
"Our new gift card
program, that was
implemented in July,
continued to be very
successful. Pre-Christmas
gift card sales (which
are recognized as
revenue upon redemption)
were up 72% over last
year on an average
per store basis."
With sales results in
December exceeding
plan, the Company
currently expects
fourth quarter earnings
in a range of $0.47
to $0.48 per diluted
share, as compared
to $0.38 last year,
or approximately 25%
higher than a year
ago.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 420 Hot Topic
stores in 48 states
throughout the United
States, 27 Torrid
stores and Internet
stores.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Reports
on Form 10-Q for the
quarters ended August
3, 2002, May 4, 2002
and November 2, 2002
and its Annual Report
on Form 10-K for the
year ended February
2, 2002. The historical
results achieved are
not necessarily indicative
of future prospects
of the Company.
Return
to headlines
Announces November
Comp Store Sales and
Net Sales Increased
CITY OF INDUSTRY, Calif.,
December 4, 2002--Hot
Topic, Inc. (Nasdaq:HOTT),
a national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
teens, announced today
its net sales for
fiscal November 2002
(four weeks ended
November 30, 2002)
increased 29% to $34.8
million from net sales
of $26.9 million for
fiscal November 2001.
Same store sales increased
by 4.7% compared to
the corresponding
four weeks last year.
Last year, the same
store sales increase
for November was 3.4%.
Six new Hot Topic stores
and four new Torrid
stores were opened
during fiscal November
2002, bringing the
total number of stores
open to 420 Hot Topic
stores and 27 Torrid
stores.
Total sales for the
first 43 weeks of
fiscal 2002, ended
November 30, 2002,
were $329.8 million,
an increase of 30%
over sales of $253.9
million for the same
period of fiscal 2001.
Same store sales increased
2.8% for the first
43 weeks of fiscal
2002 compared to the
first 43 weeks of
fiscal 2001. Last
year, same store sales
for the first 43 weeks
of fiscal 2001 increased
by 3.9%.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "We
are pleased with our
November sales results
which reflect record
sales over both the
pre and post Thanksgiving
weekends. Similar
to last year, our
promotional level
was low with only
one planned promo
targeted to parents
over the Thanksgiving
weekend."
The Company also announced
that Jay Johnson,
the Company's Senior
Vice President, Strategic
Analysis and Investor
Relations, plans to
retire in mid-2003.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion-forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 420 Hot Topic
stores in 48 states
throughout the United
States, 27 Torrid
stores and Internet
stores.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Reports
on Form 10-Q for the
quarters ended August
3, 2002 and May 4,
2002 and its Annual
Report on Form 10-K
for the year ended
February 2, 2002.
The historical results
achieved are not necessarily
indicative of future
prospects of the Company.
Return
to headlines
Reports Third Quarter
Net Income of $10.0
Million
CITY OF INDUSTRY, Calif,
November 20, 2002
-- Hot Topic, Inc.
(Nasdaq:HOTT) a national
mall-based specialty
retailer of music-licensed
and music-influenced
apparel, accessories
and gift items for
teens, today reported
financial results
for the third quarter
of fiscal 2002 (13
weeks ended November
2, 2002). All references
to shares and per
share amounts reflect
a 3-for-2 stock split
effected on February
7, 2002.
The Company's net income
for the third quarter
was $10.0 million
or $0.31 per diluted
share compared to
net income of $8.5
million or $0.26 per
diluted share for
the third quarter
of fiscal 2001. Operating
income for the third
quarter increased
by 20% to $15.9 million
from $13.2 million
in the third quarter
of fiscal 2001. The
Company previously
reported its net sales
for the third quarter
increased 33% to $122.6
million from $92.1
million for the third
quarter of fiscal
2001 and comparable
store sales increased
by 6.3%.
For the first 39 weeks
of fiscal 2002, net
income was $18.1 million
or $0.55 per diluted
share, compared to
$16.1 million or $0.49
per diluted share
for the comparable
period last year.
The Company previously
reported its net sales
for the 39 weeks ended
November 2, 2002 were
$295.0 million, an
increase of 30% over
net sales of $227.0
million for the first
39 weeks of fiscal
2001, and comparable
store sales increased
by 2.6%.
Betsy McLaughlin, President
and CEO, said, "We
are pleased to report
a 19% increase in
EPS for the third
quarter, our sixth
consecutive year of
double digit percentage
increases in third
quarter earnings.
The quarter's results
reflect strong sales
during both the Back-to-School
and Halloween peak
periods. We are optimistic
about the upcoming
holiday season and
believe that our holiday
merchandise assortment
is unique and differentiated."
The Company also announced
that Tom Rail, formerly
the Senior Vice President
and General Manager,
Torrid, resigned on
November 15, 2002
to pursue other interests.
Betsy McLaughlin has
assumed direct responsibility
for Torrid until a
new General Manager
is hired.
A conference call to
discuss third quarter
results, business
trends and other matters
will be conducted
today, November 20,
2002, at 1:30 p.m.
Pacific Time. The
conference call number
is (888) 868-9080,
and will be accessible
to all interested
parties. It will also
be web cast at www.streetevents.com.
A replay will be available
at (402) 220-2858
and at www.streetevents.com
for approximately
two weeks.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 419 Hot Topic
stores in 48 states
throughout the United
States, 26 Torrid
stores and Internet
stores www.hottopic.com
and www.torrid.com.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to financial results,
projections and other
financial performance,
and managing growth.
These statements involve
risks and uncertainties,
including risks and
uncertainties associated
with meeting expected
financial results,
management of growth,
relationships with
mall developers and
operators, the risk
that available cash
or mall space will
not be adequate for
planned expansion,
fluctuations in sales
and comparable store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Reports
on Form 10-Q for the
quarters ended August
3, 2002 and May 4,
2002 and its Annual
Report on Form 10-K
for the year ended
February 2, 2002.
The historical results
achieved are not necessarily
indicative of future
prospects of the Company.
Return
to headlines
Announces
Third Quarter Comparable
Store Sales Increase
CITY OF INDUSTRY, Calif.,
November 6, 2002--Hot
Topic, Inc. (Nasdaq:HOTT),
a national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
teens, announced today
its net sales for
the third quarter
of fiscal 2002 (13
weeks ended November
2, 2002) increased
33% to $122.6 million
from net sales of
$92.1 million for
the third quarter
of fiscal 2001. Same
store sales increased
by 6.3% compared to
the corresponding
13 weeks last year.
Last year, the same
store sales increase
in the third quarter
was 2.2%.
Net sales for fiscal
October 2002 (four
weeks ended November
2, 2002) increased
35% to $38.4 million
from net sales of
$28.4 million for
fiscal October 2001.
Same store sales for
the four weeks ended
November 2, 2002 increased
by 8.1% compared to
the corresponding
four weeks last year.
October 2001 same
store sales decreased
by 4.4% and same store
sales in October 2000
increased by 8.0%.
Five new Hot Topic
stores and one new
Torrid store were
opened during fiscal
October 2002, bringing
the total number of
stores open to 414
Hot Topic stores and
23 Torrid stores.
Total sales for the
first 39 weeks of
fiscal 2002, ended
November 2, 2002,
were $295.0 million,
an increase of 30%
over sales of $227.0
million for the same
period of fiscal 2001.
Same store sales increased
2.6% for the first
39 weeks of fiscal
2002 compared to the
first 39 weeks of
fiscal 2001. Last
year, same store sales
for the first 39 weeks
of fiscal 2001 increased
by 3.9%.
The Company also announced
that it expects to
open 21 new Torrid
stores in 2002, three
more than the previously
announced 18 new Torrid
stores. The Company
also expects to open
74 Hot Topic stores,
four more than the
previously announced
70 new Hot Topic stores.
The Company expects
to end the year operating
27 Torrid stores and
420 Hot Topic stores.
Betsy McLaughlin, President
and Chief Executive
Officer, said, "We
are pleased with our
third quarter results
which reflect strong
sales during both
the Back-to-School
and Halloween peak
periods. In addition
to the Halloween-related
categories, we experienced
continued strength
during October in
the women's, music-licensed
and accessory categories."
McLaughlin continued,
"Markdowns have been
taken on the slow
moving men's merchandise.
Our inventories are
current and on plan
as we enter the important
fourth quarter. We
believe that our Holiday
merchandise assortment
is unique and differentiated,
and we are optimistic
about the Holiday
season.
"As a result of above
plan October sales,
we expect to report
fiscal third quarter
earnings of approximately
$0.30 per diluted
share, up from our
expectations at the
beginning of the quarter
of $0.27 to $0.29
per diluted share,"
added McLaughlin.
The Company expects
to issue a news release
to report full financial
results for the third
quarter ended November
2, 2002 after market
close on Wednesday,
November 20, 2002.
A conference call
to discuss third quarter
results, business
trends, and other
matters will be conducted
at 1:30 p.m. Pacific
time on November 20,
2002. The conference
call number is 888/868-9080,
and will be accessible
to all interested
parties. It will also
be web cast at www.streetevents.com.
A replay will be available
at 402/220-2858 and
at www.streetevents.com.
Hot Topic, Inc. is a
national mall-based
specialty retailer
of music-licensed
and music-influenced
apparel, accessories
and gift items for
young men and women
principally between
the ages of 12 and
22. Torrid, the Company's
second concept, is
a mall-based specialty
retailer of plus-sized
fashion forward apparel
and accessories that
targets young women
principally between
the ages of 15 and
29. The Company currently
operates 414 Hot Topic
stores in 48 states
throughout the United
States, 23 Torrid
stores and Internet
stores.
Except for the historical
information contained
herein, this news
release contains forward-looking
statements, including
statements relating
to expected financial
results and other
financial performance,
and managing growth,
including new store
openings. These statements
involve risks and
uncertainties, including
risks and uncertainties
associated with meeting
expected financial
results, management
of growth, relationships
with mall developers
and operators, the
risk that available
cash or mall space
will not be adequate
for planned expansion,
fluctuations in sales
and same (comp) store
sales results, risks
and uncertainties
with respect to new
store openings including
risks associated with
the Company's new
store concepts and
Internet stores, music
and fashion trends,
competition from other
retailers, uncertainties
generally associated
with specialty retailing,
the effect of economic
conditions, 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
as well as other risks
detailed from time
to time in the Company's
SEC reports, including
its Quarterly Reports
on Form 10-Q and its
Annual Report on Form
10-K for the year
ended February 2,
2002. The historical
results achieved are
not necessarily indicative
of future prospects
of the Company.
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