US: Hot Topic forecasts 30-35% earnings rise in 2013
By Petah Marian | 3 January 2013
US teen apparel retailer Hot Topic today (3 January) revealed that it expects 2013 earnings to rise 30-35% over fiscal 2012 as it works to open new stores.
The company said it plans to open approximately 40 new Torrid stores, 15 Hot Topic stores and 5-10 Blackheart outlets in 2013.
The forecast came as the retailer booked a 4% rise in net sales over the nine weeks ended 29 December. Torrid recorded an 18.8% increase in sales against last year, while Hot Topic grew 0.8%.
"We experienced the positive results from the new merchandising and sourcing strategies at Torrid this quarter, and remain enthusiastic about Torrid as a growth vehicle for Hot Topic," said chairman and CEO Lisa Harper.
"At Hot Topic, we continue to see strong results in the fashion apparel and tee businesses, which offset the challenges in accessories. We are excited about the prospects of our businesses in 2013. Based upon our progress and positive outlook, we continue to plan to open approximately 40 new Torrid stores, 15 new Hot Topic outlets and an additional 5 to 10 Blackheart stores in 2013."
Companies: Hot Topic
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