Mall and web-based specialty retailer,
Hot Topic Inc.
), has put forward the name of George Wehlitz for the position of
Interim Chief Financial Officer. Mr. Wehlitz will take over the
new position after the current Chief Financial Officer, Jim
McGinty, is relieved of duties on Mar 29, 2013.
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George Wehlitz has been associated with Hot Topic for the past 12
years and has been a key contributor in driving the company's
margin improvement initiatives. He had first joined Hot Topic in
2002 as Vice President, Controller and became its Vice President,
Finance in 2008. His deep financial knowledge, proficiency and
zeal for the business have gone a long way in transforming the
The newly appointed Interim CFO possesses tangible experience in
the field of Finance, having worked with companies like Cycle
Gear Inc., The Popcorn Factory and The Bombay Company Inc. Prior
to his current service at Hot Topic, he served as the Chief
Financial Officer for the specialty retailer of motorcycle
apparel and accessories, Cycle Gear.
Earlier this month, Hot Topic reported robust sales and
comparable-store sales (comps) results for the holiday season for
the combined months of November and December. Hot Topic's comps
for the nine weeks ended Dec 29, 2012, inched up 2.2% compared
with 1.8% reported in the year-ago period. The increase in comps
was driven by a 1.6% rise at the company's namesake stores and a
5.5% increase at its Torrid stores.
Hot Topic's net holiday sales increased 4.0% year over year to
$177.3 million, on account of robust sales in Torrid concepts
stores as well as marginal improvement in the company's namesake
Hot Topic carries a Zacks Rank #3 (Hold). Other stocks that are
performing well in the specialty retail sector include
Abercrombie & Fitch Co.
Citi Trends Inc.
), which carry a Zacks Rank #1 (Strong Buy) and
), which carries a Zacks Rank #2 (Buy).