Hot Topic (HOTT) Jan Comps Down 3.6%
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Hot Topic, Inc. (Nasdaq: HOTT) reported that January comparable store sales fell 3.6%; -4.4% at Hot Topic and +0.8% at Torrid.
Hot Topic also announced that it has reduced the number of store projects planned for fiscal 2008 (52 weeks ending January 31, 2009). The company now expects to open approximately 10 Torrid stores during the year, 15 to 20 less than previously announced. In addition, the company now expects to remodel or relocate 25 Hot Topic stores during the year, 5 less than previously announced.
Based upon the reduced number of store projects, the company now expects capital expenditures for the full year of fiscal 2008 to be in the range of $24 to $26 million. The company previously issued guidance for fiscal 2008 capital expenditures in the range of $28 to $30.
The company reiterated its fourth quarter earnings guidance of $0.25 to $0.29 per share.
Hot Topic also announced that it has reduced the number of store projects planned for fiscal 2008 (52 weeks ending January 31, 2009). The company now expects to open approximately 10 Torrid stores during the year, 15 to 20 less than previously announced. In addition, the company now expects to remodel or relocate 25 Hot Topic stores during the year, 5 less than previously announced.
Based upon the reduced number of store projects, the company now expects capital expenditures for the full year of fiscal 2008 to be in the range of $24 to $26 million. The company previously issued guidance for fiscal 2008 capital expenditures in the range of $28 to $30.
The company reiterated its fourth quarter earnings guidance of $0.25 to $0.29 per share.
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