Hot Topic Q4 profit surges, topping expectations

City of Industry, Calif. -- Hot Topic reported net income in the fourth quarter ended February 2, 2013, of $12.1 million, up from $9.0 million in the year-ago period.

Total sales for the fourth quarter increased 11.0% to $233.0 million, compared to $209.9 million last year. Total same-store sales increased 2.6%. (Due to the 53rd week in fiscal 2012, fourth quarter comparable sales are compared to the corresponding 14 week period ended February 4, 2012.)

For the fiscal year of 2012, the company reported net income of $19.5 million, compared to a net loss of $1.8 million for fiscal year 2011 (52 weeks). The results include a charge of $16.6 million for the implementation of the strategic business changes and cost reduction plan.