Hot Topic Posts 37% Increase in Profit

Hot Topic Inc., a retailer of teen clothing and accessories, reported that its fiscal first-quarter profit increased 37% over the same period a year ago.

Net income increased to $3.3 million, or 15 cents a share, from $2.4 million, or 12 cents, in the year-ago period. Net sales for the quarter ended May 5 increased 40% to $62.9 million from $44.8 million in the same period last year. As previously reported, comparable-store sales increased 8% for the quarter over last year.

Shares of Industry-based Hot Topic fell $3.03 to close at $34.26 in Nasdaq trading.