Hot Topic Inc, reported results for its first fiscal quarter (13 weeks) ended April 29, 2006.
The company incurred a net loss in the first quarter of $1.4 million, or $0.03 per diluted share, compared to net income of $5.0 million or $0.11 per diluted share for the comparable period last year.
The first quarter 2006 results include approximately $0.02 per share of stock option expense. Net sales for the first quarter increased 3 percent to $154.0 million from $149.8 million for the first quarter of fiscal 2005.
As previously reported, comparable store sales decreased 9.6 percent for the quarter compared to an increase of 0.9 percent during the first quarter of fiscal 2005.
At the end of the quarter, the company operated 671 Hot Topic stores and 123 Torrid stores compared to 607 Hot Topic stores and 87 Torrid stores at the end of the first quarter of fiscal 2005.
During the first quarter of fiscal 2006, the company opened a total of 10 Hot Topic stores and 3 Torrid stores. The company also closed 2 Hot Topic stores and remodeled or relocated 5 Hot Topic stores.
A conference call to discuss first quarter, business trends, guidance and other matters is scheduled for today at 4:30 PM (ET).
The conference call number is 800-659-1942, pass code "Hot Topic," and will be accessible to all interested parties. It will also be webcast at www.companyboardroom.com. A replay will be available at 888-286-8010, pass code 76186881, for approximately two weeks.
marketing@alchempro.com
