US: Favourable comparisons boost Hot Topic Q3 profit
Fashion retailer Hot Topic Inc has reported a surge in third quarter profit, thanks to favourable comparisons with the year-ago period which included an impairment charge for the ShockHound music and merchandise business.
Net income in the three weeks to 29 October surged to $3.1m or $0.07 per share, from $0.4m or $0.01 per share the year before. Last year's results included an asset impairment charge of $3.0m.
Sales in the quarter fell 4.0% to $175.8m from $183.2m, while same-store sales at the Hot Topic and Torrid stores fell 1.6%.
After the turmoil of 2011, the biggest challenges facing the global apparel supply chain in 2012 continue to include rising costs, political and economic uncertainty in both consumer and sourcing mark...
US clothing retailer Hot Topic has appointed John Kyees to its board of directors and said he will serve as a member of its audit committee....
Retailer Hot Topic overturned last year's fourth quarter loss with a net profit of US$9m, despite a slight decrease in sales....
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