Hot Topic’s profit swells in Q3, but sales fall
City of Industry, Calif. — Hot Topic Inc. reported Wednesday that profit rose to $3.1 million in the quarter ended Oct. 29, compared with $400,000 in the year-ago period. Prior-year results were weighed down by charges from its ShockHound website, which folded.
Revenue fell 4% to $175.8 million from $183.2 million in the quarter, missing Wall Street’s expected $177.8 million in revenue.
Same-store sales dipped 1.6% at Hot Topic and Torrid stores, attributed to disappointing Halloween sales.
Sears reports wider loss in Q3, misses Street
Hoffman Estates, Ill. — Sears Holdings Corp. reported Thursday that its loss widened in the third quarter on softness in its Canada division and on weaker consumer electronics sales.
The operator of Sears and Kmart recorded a loss of $421 million in the quarter ended Oct. 29, compared with a loss of $218 million a year earlier.
Revenue slipped 1% to $9.57 billion from $9.68 billion, missing the $9.63 billion expected by Wall Street, and marking the fourth straight quarter of revenue declines.
Same-store sales at Sears stores dipped 0.7% and fell 0.9% at Kmart stores. Sears stores were hurt by fewer sales of appliances and consumer electronics, while Kmart stores were impacted by reduced sales of clothing and home goods.
Same-store sales plummeted 7.8% for Sears Canada.
Kohl’s recognized for green leadership
MENOMONEE FALLS, Wis. — Kohl’s Department Stores announced that the company has been recognized with its third Green Power Partner of the Year Award by the U.S. Environmental Protection Agency (EPA), the U.S. Department of Energy and the Center for Resource Solutions. With this year’s award, Kohl’s is the first retailer to be named a Green Power Partner of the Year for three consecutive years, the company reported. The award was given last night at the 2011 Green Power Leadership Awards held as part of the annual Renewable Energy Markets Conference in San Francisco, Calif.
“Recognition as Green Power Partner of the Year demonstrates Kohl’s leadership in the use and support of renewable energy as part of our commitment to being an environmentally responsible retailer,” said John Worthington, Kohl’s chief administrative officer. “In 2011, Kohl’s strengthened its commitment to the use and support of green power by increasing our total green power purchase by more than 52 million kilowatt-hours and purchasing enough green power to offset the purchased electricity requirements for each of our 39 new stores that opened in 2011. We were also pleased to add 16 new solar locations this year in addition to our first two wind locations, and we continue to explore additional opportunities to expand our green power and energy efficiency initiatives.”