February 7, 2008
Hot Topic Inc announced the sales results for its fiscal month of January as well as its fourth quarter and fiscal year (four weeks, thirteen weeks and fifty-two weeks, respectively, ended February 2, 2008).
The company 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 million.
The company reiterated its fourth quarter earnings guidance of $0.25 to $0.29 per diluted share, compared to fourth quarter earnings of $0.20 per diluted share last year.
Additionally, a conference call to discuss fourth quarter and fiscal year end results, business trends, guidance and other matters is scheduled for March 12, 2008 at 4:30 p.m. (ET).
Hot Topic Inc
Source @ Fibre2fashion
