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Hot Topic (HOTT) Holiday 2012 Comps Rose 2.2%

January 2, 2013 4:04 PM EST Send to a Friend
Hot Topic, Inc. (Nasdaq: HOTT) announced the sales results for the combined November/December “Holiday” period (nine weeks ended December 29, 2012).

Holiday comps rose 2.2 percent with a 4 percent gain in sales to $177.3 million.

The company reiterated its previously announced fourth quarter earnings guidance (14 weeks ending February 2, 2013) in the range of $0.23 to $0.27 per share, as compared to earnings per share of $0.21 last year. This guidance is based upon a comp sales increase in the low to mid-single-digit percentage range. In addition, the company announced initial 2013 earnings guidance (52 weeks ending February 1, 2014) to be in the range of an increase of 30 to 35% over fiscal 2012 based upon a comp sales increase in the low-single-digit range.

The company also announced the repurchase of 2,535,370 shares of its common stock in fiscal December at an average cost of $9.86 for a total of $25 million. The repurchase was pursuant to its Board of Directors’ authorization of the repurchase of up to $25 million of the company’s common stock. The company estimates that diluted shares outstanding for the fourth quarter of 2012 to be approximately 42.5 million shares and 41.5 million shares in the first quarter of fiscal 2013.




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