Hot Topic narrows loss in Q2, on track to open up to 40 net new Torrid stores
City of Industry, Calif. — Hot Topic reported Wednesday that it tightened its loss in the second quarter to $6.2 million, compared with a loss of $6.3 million a year earlier.
Revenue edged up to $150.9 million from $150 million. Same-store sales rose 2.6% for quarter.
Hot Topic said it will open 25 to 45 Torrid stores in fiscal 2012. It also plans to close 10 to 20 Hot Topic stores and about five Torrid stores next year, and remodel or relocate 40 to 50 Hot Topic stores and 10 to 20 Torrid stores.
Dollar Tree profit rises 22% in Q2
Chesapeake, Va. — Dollar Tree reported Thursday that net income for the quarter ended July 31 surged 21.7% to $94.9 million, compared with $78 million in the year-ago period. The rise marks the fifth straight quarter of double-digit profit increases.
Revenue rose 12% to $1.54 billion, just missing Wall Street estimates. Same-store sales increased 4.7%.
Ross Stores profit rises 15% in Q2
Pleasanton, Calif. — Ross Stores reported Thursday that profit for the quarter ended July 31 rose 15% to $148.3 million, compared with $129.3 million a year earlier.
Sales for the quarter increased 9% to $2.1 billion, and same-store sales rose 5%.
“Our ability to increase the percentage of fresh name brand bargains our customers see, while also strictly controlling inventories and expenses, has enabled us to capitalize on our favorable position as a value retailer," said Michael Balmuth, vice chairman and CEO.