Hot Topics (HOTT) Reports Q3 Comps up 0.2%, Reiterates Guidance, Announces Buyback
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Hot Topic (Nasdaq: HOTT) reported third quarter comp sales up 0.2%.
The company reiterated its third quarter earnings guidance of earnings per share in the range of $0.08 to $0.10. The company also stated the previously announced fourth quarter earnings guidance (14 weeks ending February 2, 2013) remains the same, 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.
The company announced its board of directors authorized an increase to the company’s stock repurchase program, up to $25 million of the company’s common stock. Repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time. There can be no assurances as to the number of shares the company will repurchase, if any.
The company reiterated its third quarter earnings guidance of earnings per share in the range of $0.08 to $0.10. The company also stated the previously announced fourth quarter earnings guidance (14 weeks ending February 2, 2013) remains the same, 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.
The company announced its board of directors authorized an increase to the company’s stock repurchase program, up to $25 million of the company’s common stock. Repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time. There can be no assurances as to the number of shares the company will repurchase, if any.
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