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BUSINESS BRIEFING : RETAIL

Hot Topic profit matches estimates

November 19, 2009|Times Wire Reports

Hot Topic Inc. posted a quarterly profit that was in line with analyst estimates, but forecast disappointing fourth-quarter earnings.

The City of Industry-based teen retailer posted net income of $5.8 million, or 13 cents a share. Sales at the namesake division fell 6% to $151 million, while those at Torrid rose 3% to $38.6 million. The company had earlier announced total revenue of $189.6 million.

For the fourth quarter, the company said it expected to earn 23 to 26 cents a share, while analysts were looking at earnings of 30 cents.

Shares before the earnings news fell 9 cents to $6.67. After the close, shares fell further to $6.32.

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