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Earnings Roundup

Hot Topic reports a narrower loss

August 21, 2008|From Times Wire Services

Hot Topic Inc. said its fiscal second-quarter loss narrowed as revenue inched up.

For the three months that ended Aug. 2, the teen clothing retailer lost $450,000, or a penny a share. That compares with a year-earlier loss of $1.7 million, or 4 cents a share.

The City of Industry firm said results included a penny-per-share charge related to its online music initiative.

Revenue climbed 3% to $166.8 million.

Analysts surveyed by Thomson Reuters had predicted a loss of 2 cents a share, excluding one-time events, on revenue of $166.7 million.

The company said same-store sales declined nearly 1%.

Hot Topic shares rose 11 cents to $6.87.

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