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%.



“Our first quarter sales and earnings increases at both the Hot Topic and Torrid brands exceeded our early expectations. The quarterly results demonstrate the success of our key strategies of returning the Hot Topic brand to its edgy, dark and sexy core, as well as bringing true fashion to the Torrid brand,” said Lisa Harper, chairman and CEO, Hot Topic.