US: Hot Topic widens Q1 loss on restructuring costs
- Q1 loss widened to $7.7m from $1.8m
- Total sales fell 0.8% to $161.3m
- Same-store sales increased 0.2%
Teen apparel retailer Hot Topic Inc has seen its first quarter losses widen thanks to falling sales and restructuring costs.
Losses in the three months to 30 April include $12.4m in expenses for strategic business changes and its cost reduction plan.
In November the retailer said it would close up to 50 stores and axe 14% of its head office and field management jobs, and earlier this year it revealed plans to discontinue its ShockHound.com music merchandise store.
The company operates 642 Hot Topic stores and 151 Torrid stores.
Growth in US same-store sales appeared to cool in October as weather and economic malaise weighed on retailers, putting extra pressure on businesses as they transition into the crucial holiday season....
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US apparel retailer Hot Topic has named company CEO Lisa Harper as chairman of its board of directors....
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