Mall-based retailer Hot Topic Inc. lowered its guidance Wednesday after reporting a second-quarter loss, due in part to expenses related to an online music project.
For the period ended Aug. 2, the company posted a net loss of $450,000, or 1 cent a share, compared with a net loss of $1.7 million, or 4 cents, for the same year-ago period. According to Hot Topic, the second quarter included approximately 1 cent a share of expense related to the company’s online music initiative. Sales grew 3.2 percent to $166.8 million, versus $161.7 million for the year-ago quarter. The company said same-store sales declined 0.9 percent for the three months.
For the six months, the California-based retailer posted a $1.9 million loss, or 4 cents a share, compared with a loss of $2.5 million, or 6 cents, in the same half a year ago. Sales increased 2.1 percent to $325.8 million from $319 million.
Projecting a comparable-store sales decline in the low-single digits, Hot Topic forecasted third-quarter guidance of earnings per diluted share in the range of 12 to 15 cents. The company also said it expected fourth-quarter EPS to be in the 25 to 28 cents range. Included in the guidance for both quarters was the expense related to the launch of an online music site.
Analysts polled by Yahoo Finance predict the company will report earnings of 16 cents a share in the third quarter, and 37 cents in the fourth.
Hot Topic operates 158 Torrid stores in addition to 684 Hot Topic units.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast