Hot Topic loss widens in Q1

City of Industry, Calif. -- Hot Topic reported Wednesday that its loss for the fiscal first quarter widened to $7.7 million, compared to a net loss of $1.8 million last year.



The first quarter results include $12.4 million of expenses for the implementation of the previously announced charges for strategic business changes and cost reduction plan.



Revenue dipped 0.8% to $161.3 million compared with $162.6 million for the first quarter last year. Same-store sales edged up 0.2%.



During the first quarter of fiscal 2011, the company opened one Torrid store and closed 15 Hot Topic stores and three Torrid stores. The company also remodeled or relocated 11 Hot Topic stores during the quarter.