<SUBMISSION>
<ACCESSION-NUMBER>0001019687-05-000577
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050225
<ITEMS>2.02
<ITEMS>4.02
<ITEMS>9.01
<FILING-DATE>20050302
<DATE-OF-FILING-DATE-CHANGE>20050302
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>HOT TOPIC INC /CA/
<CIK>0001017712
<ASSIGNED-SIC>5600
<IRS-NUMBER>770198182
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>0130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-28784
<FILM-NUMBER>05654682
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>18305 EAST SAN JOSE AVENUE
<CITY>CITY OF INDUSTRY
<STATE>CA
<ZIP>91748
<PHONE>6268394681
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>18305 EAST SAN JOSE AVENUE
<CITY>CITY OF INDUSTRY
<STATE>CA
<ZIP>91768
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>hottopic_8k-022505.txt
<TEXT>
<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                 _____________

                                    FORM 8-K

                CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

       DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): FEBRUARY 25, 2005
                                 _____________


                                 HOT TOPIC, INC.
             (Exact name of registrant as specified in its charter)

        CALIFORNIA                   0-28784                   77-0198182
     (State or other        (Commission File Number)        (I.R.S. Employer
     jurisdiction of                                       Identification No.)
      incorporation)

              18305 E. SAN JOSE AVENUE,
            CITY OF INDUSTRY, CALIFORNIA                          91748
      (Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (626) 839-4681

                                 NOT APPLICABLE.
         (Former name or former address, if changed since last report.)

         Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

<PAGE>

Item 2.02         Results of Operations and Financial Condition.

         Attached hereto as Exhibit 99.1 is a copy of a press release that Hot
Topic, Inc. issued on March 2, 2005. The press release includes certain sales
information of the Registrant for the fiscal month ended February 26, 2005. In
addition, the release includes certain additional information relating to past
reporting periods.

         The information in this Item 2.02 and the corresponding exhibit are
being furnished and shall not be deemed "filed" for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise subject to the liabilities of that Section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, regardless of any general incorporation language
in such filing.

Item 4.02         Non-Reliance on Previously Issued Financial Statements or a
                  Related Audit Report or Completed Interim Review.

         (a) On February 25, 2005, the Audit Committee of the Board of Directors
of the Registrant met with the Registrant's management and independent
registered public accounting firm to discuss the correction of certain errors
related to the Registrant's lease accounting that were recently identified by
the Registrant's management.

         Specifically, the Registrant previously reflected the unamortized
portion of construction allowances as a reduction of capital expenditures rather
than recording those transactions as a deferred rent credit. In addition, the
Registrant previously recognized straight-line rent expense for leases beginning
on the rent commencement date (i.e., store opening date), which had the effect
of excluding the build-out period from the calculation of the period over which
rent is expensed.

         The Registrant's Audit Committee and management concluded that (i) the
Registrant's consolidated financial statements as of January 31, 2004 and
February 1, 2003 and for the fiscal years ended January 31, 2004, February 1,
2003 and February 2, 2002 and (ii) the Registrant's consolidated financial
statements as of and for the interim periods ended October 30, 2004, July 31,
2004, May 1, 2004, November 1, 2003, August 2, 2003, and May 3, 2003, should be
restated to reflect adjustments required to correct these errors. Accordingly,
those previously filed financial statements should no longer be relied upon.

         The Registrant believes that these adjustments are consistent with
similar adjustments currently being made by many other retailers and other
publicly traded companies related to accounting for leases. These adjustments
are not being made as a result of a determination of any fraudulent activity or
misconduct of the Registrant, its Board of Directors, its Audit Committee, or
its management. The Registrant intends to file this restated financial
information together with its Form 10-K for the fiscal year ended January 29,
2005.

                                       2
<PAGE>

         The restatement will increase property and equipment, as well as
increase the deferred rent liability, for the consolidated balance sheet
included within the affected financial statements. The restatement is expected
to reduce net income per diluted share by $0.01 for each of fiscal years 2004,
2003 and 2002. In addition, the Registrant estimates that net income per diluted
share will be lower by approximately $0.01 in fiscal 2005 as a result of these
adjustments. While the adjustments have no effect on the cash flow of the
Registrant in the aggregate, cash flow from operations will increase, offset by
an increase in cash used for capital expenditures.

         The Registrant believes the restatement will comply with Statement of
Financial Accounting Standards No. 13, "Accounting for Leases"; Financial
Accounting Standards Board Technical Bulletin No. 88-1, "Issues Relating to
Accounting for Leases"; Financial Accounting Standards Board Technical Bulletin
No. 85-3, "Accounting for Operating Leases with Scheduled Rent Increases"; and
the views of the Office of the Chief Accountant of the Securities and Exchange
Commission expressed in its letter related to these matters dated February 7,
2005.

         The Audit Committee of the Registrant reviewed the accounting treatment
and disclosures referred to in this Item 4.02(a) and discussed such treatment
and disclosures with the Registrant's independent registered public accounting
firm.

Item 9.01         Financial Statements and Exhibits.

         (c) Exhibits:

                  Exhibit No.          Description
                  -----------          -----------

                  99.1                 Press Release issued by Hot Topic, Inc.
                                       on March 2, 2005


   [Remainder of page intentionally left blank; signature on following page.]


                                       3
<PAGE>

                                    SIGNATURE


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
                                                   HOT TOPIC, INC.

                                                   By: /s/ JAMES MCGINTY
                                                       -------------------------
                                                       James McGinty
                                                       CHIEF FINANCIAL OFFICER

Date: March 2, 2005

                                       4
<PAGE>

                                INDEX TO EXHIBITS


Exhibit No.                 Description
-----------                 -----------

99.1                        Press Release issued by Hot Topic, Inc. on March 2,
                            2005







                                       5
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>hottopic_8kex99-1.txt
<TEXT>
<PAGE>

Exhibit 99.1
** NEWS RELEASE **


            HOT TOPIC, INC. REPORTS FEBRUARY COMP STORE SALES UP 0.2%
                   AND RESTATEMENT TO CHANGE LEASE ACCOUNTING

CITY of INDUSTRY, CA, March 2, 2005 -- Hot Topic, Inc. (Nasdaq National Market:
HOTT) today announced the following sales results for the month of February
(ended February 26, 2005):


                                                             Comparable Store
                           Net Sales                          Sales % Change
                                                         This
               $ Millions           % Increase           Year          Last Year
               ----------           ----------           ----          ---------
February          $46.0                 16%              0.2%             7.6%

         The Company also stated that, based upon review with its audit
committee and consultations with its independent auditors, it will restate its
consolidated financial statements for certain prior periods to reflect changes
related to lease accounting. The Company previously reflected the unamortized
portion of construction allowances as a reduction of capital expenditures, but
will adjust to record those transactions as a deferred rent credit. In addition,
the restatement will include a change in the manner in which the Company has
accounted for rent expense to include the store build-out period used primarily
for construction activities prior to the commencement of new store operations.
Previously, the Company did not include the period prior to opening a new store
in its calculation of straight-line rent expense.

         Hot Topic estimates the restatement will reduce earnings per diluted
share by $0.01 for each fiscal year 2004, 2003 and 2002. In addition, the
Company estimates that earnings per diluted share will be lower by approximately
$0.01 in fiscal 2005.

         The Company reiterated that it is comfortable with the consensus
earnings per diluted share of $0.38 for the fourth quarter of 2004. Including
the interim periods of 2004 that will be restated, the full year 2004 earnings
guidance is $0.83 per diluted share. Based upon the restatement of 2004, the
Company is revising its guidance for the first quarter of 2005 to $0.11 per
diluted share, consistent with consensus earnings estimates.

                                       1
<PAGE>

         For more detailed information on February sales results, please call
626-709-1209 to listen to a recorded commentary. Additionally, a conference call
to discuss fourth quarter results, business trends and other matters is
scheduled for March 16, 2005 at 4:30 PM (ET). The conference call number is
800-370-0869, and will be accessible to all interested parties. It will also be
webcast at www.companyboardroom.com. A replay will be available at 877-519-4471,
pass code 5620263, for approximately two weeks.

         Hot Topic, Inc. is a national mall-based specialty retailer. Hot Topic
offers apparel, accessories and gifts to young men and women principally between
the ages of 12 and 22. Torrid, the Company's second concept, provides plus-size
fashion-forward apparel and accessories that target young women principally
between the ages of 15 and 29. The Company currently operates 596 Hot Topic
stores in all 50 states and Puerto Rico, 77 Torrid stores, and Internet stores
www.hottopic.com and www.torrid.com.

         In addition to the historical information contained herein, this news
release contains forward-looking statements, which include statements relating
to financial results, guidance, projections and other financial performance, and
managing growth. These statements involve risks and uncertainties, including
risks and uncertainties associated with meeting expected financial results,
management of growth, relationships with mall developers and operators, the risk
that available cash or mall space will not be adequate for planned expansion,
fluctuations in sales and comparable store sales results, risks and
uncertainties with respect to new store openings including risks associated with
the Company's new store concepts and Internet stores, music and fashion trends,
competition from other retailers, uncertainties generally associated with
specialty retailing, the effect of economic conditions, the effect of severe
weather or natural disasters, political and/or social changes or events that
could negatively impact shopping patterns and/or mall traffic as well as other
risks detailed in the Company's SEC reports, including its Quarterly Reports on
Form 10-Q and its Annual Report on Form 10-K for the year ended January 31,
2004. Historical results achieved are not necessarily indicative of the future
prospects of the Company, and actual results or circumstances could differ
materially from the forward-looking statements.

Contact:

Hot Topic, Inc., City of Industry, CA
Mr. Jim McGinty, CFO 626-839-4681 x2675
Ms. Megan Hall, Manager of I.R. 626-839-4681 x2173


                                       2
</TEXT>
</DOCUMENT>
</SUBMISSION>
