Higher expenses hurt Hot Topic’s net income
From the Associated Press
Teen-oriented retailer Hot Topic Inc. said its fiscal fourth-quarter profit fell 16% as higher expenses offset sales gains.
Net income for the City of Industry-based company decreased to $8.9 million, or 20 cents a share, from $10.6 million, or 23 cents, a year earlier. Revenue grew 4% to $240.5 million.
Analysts had forecast a profit of 21 cents a share on revenue of $238.6 million.
