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Hot Topic Q1 beats expectations
City of Industry, Calif. -- Hot Topic reported net income in the first fiscal quarter of $3.8 million, compared with a net loss of $7.7 million for the year-ago period. The results include $12.4 million of expenses for the implementation of the strategic business changes and cost reduction plan.
Total sales for the first quarter ended April 28, 2012, increased 6.4% to $171.5 million compared to $161.3 million for the first quarter last year. Same-store sales rose 7.5%.
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Francis' marketing magic slow to take hold at JCPenney
When JCPenney hired former Target chief marketer, Michael Francis, to serve as president, the company no doubt thought he would bring with him a bit of Target's magic. Now, about six months since he assumed his role at JCPenney, the company has undergone a number of personnel changes and the implementation of its new "fair and square" price strategy, and investors are waiting for it to pay off.