Top iPad Music Apps (a/o February 8th):
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Shares of Hot Topic (HOTT) dropped considerably on Wall Street on Thursday following a downbeat earnings report. During the most recent period, earnings slipped 21.6 percent year-over-year to $5.8 million, or 13 cents-per-share, a finish that fell below analyst expectations. At the bell, shares fell 13 percent to $5.80. The teen-focused retailer oversees a number of properties, including Hot Topic, Shockhound, and Torrid, and the fiscal quarter in question ended October 31st.
In terms of revenue, quarterly sales dropped 3.9 percent to $189.6 million, from $197.3 million during the comparable quarter last year. On the music side, per-share expenses for ShockHound (shockhound.com) doubled year-over-year to 2-cents. ShockHound sells MP3s and music merchandise, and encourages users to share musical interests and read editorial content.
In terms of physical outlets, the company ended the period with 680 Hot Topic stores and 156 Torrid stores, compared to 683 Hot Topic stores and 158 Torrid stores last year.
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