Exhibit 99.1
** NEWS RELEASE ** Contact:
Hot Topic, Inc.
Mr. Jim McGinty, CFO
626-839-4681 x2675
jmcginty@hottopic.com
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HOT TOPIC, INC. REPORTS 8.5%
FOURTH QUARTER COMPARABLE STORE SALES INCREASE
INCLUDING 4.7% COMP INCREASE FOR JANUARY
CITY of INDUSTRY, CA, February 4, 2004 -- Hot Topic, Inc. (Nasdaq
National Market: HOTT) announced net sales for the fourth quarter of fiscal 2003
increased 31% to $194.1 million from net sales of $148.3 million for the
thirteen weeks ended February 1, 2003. Comparable store sales for the fourth
quarter increased 8.5% from last year.
Comparable Store
Net Sales Sales Increase
This Last
(millions) % Increase Year Year
January $33.0 27% 4.7% 13.7%
Fourth Quarter $194.1 31% 8.5% 9.7%
Fiscal Year $572.0 29% 7.4% 5.0%
For more detailed information on January sales results, please call
626-771-0006 to listen to a recorded commentary. Additionally, a conference call
to discuss fourth quarter and fiscal year results, business trends and other
matters is scheduled for March 3, 2004 at 4:30 PM (ET). The conference call
number is 800-370-0869, and will be accessible to all interested parties. It
will also be webcast at www.companyboardroom.com. A replay will be available at
877-519-4471, pass code 4469206, for approximately 10 days.
Hot Topic, Inc. is a national mall-based specialty retailer of
music-licensed and music-influenced apparel, accessories and gift items for
young men and women principally between the ages of 12 and 22. Torrid, the
Company's second concept, is a mall-based specialty retailer of plus-size
fashion-forward apparel and accessories that targets young women principally
between the ages of 15 and 29. The Company currently operates 502 Hot Topic
stores in 49 states and Puerto Rico, 52 Torrid stores and Internet stores
www.hottopic.com and www.torrid.com.
Except for the historical information contained herein, this news
release contains forward-looking statements, including statements relating to
financial results, guidance, projections and other financial performance, and
managing growth. These statements involve risks and uncertainties, including
risks and uncertainties associated with meeting expected financial results,
management of growth, relationships with mall developers and operators, the risk
that available cash or mall space will not be adequate for planned expansion,
fluctuations in sales and comparable store sales results, risks and
uncertainties with respect to new store openings including risks associated with
the Company's new store concepts and Internet stores, music and fashion trends,
competition from other retailers, uncertainties generally associated with
specialty retailing, the effect of economic conditions, the effect of severe
weather or natural disasters, political and/or social changes or events that
could negatively impact shopping patterns and/or mall traffic as well as other
risks detailed from time to time in the Company's SEC reports, including its
Quarterly Report on Form 10-Q for the quarter ended November 1, 2003 and its
Annual Report on Form 10-K for the year ended February 1, 2003. The historical
results achieved are not necessarily indicative of the future prospects of the
Company.