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%.
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