USA: June Comp Store Sales Increase 25.4 Percent
Same store sales increased by 25.4 percent compared with June 1999. Last year, June same store sales increased by 12.9 percent. Seven new stores were opened during fiscal June 2000.
Total sales for the first 22 weeks of fiscal 2000, ended July 1, 2000, were $79,134,000, an increase of 59 percent over sales of $49,844,000, for the same period of fiscal 1999. Same store sales increased 23.6 percent for the first 22 weeks of fiscal 2000, compared with the first 22 weeks of fiscal 1999.
Betsy McLaughlin, president, said: "As we moved into summer, our sales momentum continued with all major merchandise categories producing strong per store increases over last year. Our promotional activity has been very low and our inventory is on plan and well positioned for July.
"Our stores will begin to receive back-to-school merchandise over the next weeks and based on recent selling of merchandise tests, we are optimistic about sales for the back-to-school season."
Orv Madden, chief executive officer, added: "In June, we opened seven new stores, bringing the year-to-date openings to 27 of the 60 new stores we are planning for fiscal 2000. New stores continue to open on schedule, with enthusiastic customer reaction and strong sales."
Hot Topic is a mall-based specialty retailer of music-licensed and music-influenced apparel, accessories and gift items for young men and women principally between the ages of 12 and 22. The company currently operates 239 stores in 44 states throughout the United States and an Internet store at www.hottopic.com.
Except for the historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties, including risks and uncertainties associated with relationships with mall developers and operators, the risk that available cash or mall space will not be adequate for planned expansion, management of growth, fluctuations in sales and comp store sales results, risks and uncertainties with respect to new store openings including risks associated with the company's "street store" concept and Internet store, music and fashion trends, competition from other retailers, uncertainties generally associated with specialty retailing, as well as other risks detailed from time to time in the company's Securities and Exchange Commission reports, including its annual report on Form 10-K for the year ended Jan. 29, 2000. The historical results achieved are not necessarily indicative of future prospects of the company.
Companies: Hot Topic Inc
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