|
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
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