NEW YORK — Hurting teen retailer Hot Topic Inc. posted its second quarter in a row of declining profits Wednesday. Bottom-line results in the first nine months of the year were similarly gloomy.
The company said after the close of the market that earnings in the third quarter ended Oct. 30 dropped 17.6 percent to $12.6 million, or 27 cents a diluted share, in line with both its own and analysts’ estimates. That compared with a profit of $15.3 million, or 31 cents, in the year-earlier period.
Total revenues increased 11.9 percent in the quarter to $180.8 million with same-store sales down 4.2 percent.
In the first nine months of the year, the firm earned $22.6 million, or 47 cents, down from $25.6 million, or 52 cents, in the year-earlier period. Total revenues were $445.2 million, up 17.8 percent from $377.9 million last year. Same-store sales fell 1.3 percent.
City of Industry, Calif.-based Hot Topic said it still plans to open 115 new stores in 2004.
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