USA: Hot Topic, Inc. Reports First Quarter EPS Increase of 329% to a Record $0.23 Per Diluted Share
Elizabeth McLaughlin Elected to the Board May 15, 2000--Hot Topic, Inc.(Nasdaq:HOTT), a mall-based specialty retailer of music-licensed and music-influenced apparel, accessories and gift items for teens, reported record results for the first quarter (13 weeks) ended April 29, 2000. All references to shares and per share amounts reflect a 2-for-1 stock split effected on December 28, 1999. Net income in the first quarter increased to $2,443,000 or $0.25 per basic share and $0.23 per diluted share from $635,000 or $0.07 per basic share and $0.07 per diluted share for the first quarter of the last fiscal year. Net sales for the first quarter increased 59% to $44,839,000 from $28,286,000 for the first quarter of fiscal 1999. As previously reported, comparable-store sales increased 24.1% for the quarter over last year. The Company also announced today the election of Elizabeth (Betsy) McLaughlin to the Board of Directors. In February 2000, McLaughlin was promoted to President. McLaughlin said, "We are very pleased with the record first quarter results. Merchandise margins were particularly strong as we had no promotional activity during the quarter. Our inventories at the end of April were on plan, and our inventory aging was well below last year at this time." Orv Madden, Chief Executive Officer, added, "The twelve new stores that were opened during the first quarter recorded sales and operating contributions above plan. And, our Internet store,
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