<SUBMISSION>
<ACCESSION-NUMBER>0001157523-10-006970
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20101116
<ITEMS>2.02
<ITEMS>2.05
<ITEMS>9.01
<FILING-DATE>20101117
<DATE-OF-FILING-DATE-CHANGE>20101116
<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>101197581
</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>a6515100.htm
<DESCRIPTION>HOT TOPIC, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 18pt"><b>UNITED STATES</b></font><b><font style="font-size: 18pt"><br style="font-size: 18pt"></font><font style="font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font><font style="font-size: 18pt"><br style="font-size: 18pt"></font>Washington,
      D.C. 20549</b>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 15%">


    <p style="white-space: nowrap; text-align: center">
      <br>
      <font style="font-size: 18pt"><b>Form&#160;8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>Current Report Pursuant to Section&#160;13
      or 15(d) of</b></font><b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">The
      Securities Exchange Act of 1934</font></b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>Date of Report (Date of earliest event
      reported):&#160;&#160;</b></font><b><font style="font-size: 12pt; font-family: Times New Roman">November
      16, 2010</font></b>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 15%">


    <p style="text-align: center">
      <br>
      <font style="font-size: 18pt"><b>Hot Topic, Inc.</b></font><b><font style="font-size: 18pt"><br style="font-size: 18pt"></font></b>(Exact
      name of registrant as specified in charter)
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 80%; margin-left:auto;margin-right:auto; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>California</b></font><br>(State
            or other<br>jurisdiction of<br>incorporation)
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>0-28784</b></font><br>(Commission
            File
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Number)
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>77-0198182</b></font><br>(I.R.S.
            Employer<br>Identification No.)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 32%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 32%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 32%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>18305 E. San Jose Avenue</b></font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>City of Industry, California</b></font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>91748</b></font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant&#8217;s telephone number, including area code:<font style="font-size: 12pt">&#160;</font><font style="font-size: 12pt"><b>(626)&#160;839-4681</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>Not Applicable.</b></font><br>(Former
      name or former address, if changed since last report.)
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      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):
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p style="text-align: left; text-indent: 60.0px">

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="margin-right: 60.0px; text-align: justify; text-indent: 30.0px">

    </p>
    <p style="white-space: nowrap; text-align: justify">
      <b>Item 2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Attached hereto as Exhibit 99.1 is a copy of a press release that Hot
      Topic, Inc. issued on November 16, 2010, containing certain financial
      information for the third quarter ended October 30, 2010.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      The information in this Item 2.02 and the corresponding exhibit are
      being furnished and shall not be deemed &quot;filed&quot; for the purposes of
      Section 18 of the Securities Exchange Act of 1934, as amended (the
      &quot;Exchange Act&quot;), 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.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      In addition, the information set forth in Item 2.05 below is
      incorporated by reference herein.<br><br><br><b>Item 2.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;Costs
      Associated with Exit or Disposal Activities.</b>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      In November 2010, the Board of Directors of Hot Topic, Inc. approved a
      cost reduction plan that, beginning in fiscal 2011, is expected to
      result in an estimated annual pre-tax income improvement of
      approximately $13 million.&#160;&#160;The cost reduction plan, which is designed
      to meet the challenges of the current environment, will involve closing
      approximately 40 to 50 underperforming stores by the end of the first
      quarter of fiscal 2011.&#160;&#160;These closures will occur as a result of
      natural lease expirations, exercising lease kick out clauses and other
      negotiations.&#160;&#160;The cost reduction plan also includes reducing planned
      capital expenditures in fiscal 2011 to approximately $20 million from
      approximately $30 to $32 million in fiscal 2010.&#160;&#160;In addition, the
      company expects to reduce approximately 14% of its home office and field
      management positions in fiscal 2010 and implement other non-payroll
      overhead expense reduction initiatives as part of the cost reduction
      plan.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      In connection with the cost reduction plan, the company estimates that
      it will incur a total pre-tax charge of approximately $8 million
      primarily in the fourth quarter of fiscal 2010, a portion of which will
      be a non-cash charge of approximately $4 million. Of the approximately
      $8 million charge, the company expects that approximately $6 million
      will be incurred primarily during the fourth quarter of fiscal 2010 for
      the write down of store assets, early lease terminations and store
      management severance.&#160;&#160;The company also expects that approximately $2
      million of the approximately $8 million charge will be incurred for
      severance and outplacement in the fourth quarter of fiscal 2010.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      The company&#8217;s current estimates and assumptions regarding the
      implementation of the cost reduction plan, particularly surrounding the
      closure of underperforming stores, are subject to significant
      uncertainty, including negotiations with landlords, fluctuations in
      store sales trends and unpredictable results of internal
      initiatives.&#160;&#160;As a result, the company&#8217;s estimated charges, cash outlays
      and expense savings related to the cost reduction plan may differ from
      actual, and any of these factors may result in the company not realizing
      the anticipated benefits from the plan.
    </p>
    <p style="text-align: justify; text-indent: 30.0px">

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: justify">

    </p>
    <p style="white-space: nowrap; text-align: justify">
      <b>Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="text-align: justify">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (d)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 12%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Exhibits:
          </p>
        </td>
        <td style="width: 78%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 78%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 12%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 78%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 78%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 12%; white-space: nowrap" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; width: 78%" valign="top">
          Press Release of Hot Topic, Inc. dated November 16, 2010.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <br>
      <br>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      [Remainder of page intentionally left blank; signature on following
      page.]
    </p>
    <p style="text-align: center">

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt"><b>SIGNATURE</b></font>
    </p>
    <p style="text-indent: 60.0px">
      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.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">

        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt"><b>HOT TOPIC, INC.</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 5%; text-align: left" valign="top">

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 45%; text-align: left" valign="top">

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 4%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ JAMES MCGINTY
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            James McGinty
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Chief Financial Officer</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            November 16, 2010
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 4%; text-align: left" valign="top">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center; text-indent: 60.0px">

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt"><b>INDEX TO EXHIBITS</b></font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; width: 15%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 15%; white-space: nowrap; text-align: left" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release issued by Hot Topic, Inc. on November 16, 2010.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6515100ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Hot
      Topic, Inc. Reports Third</b></font><b><sup><font style="font-size: 12pt; font-family: Times New Roman">
      </font></sup><font style="font-size: 12pt; font-family: Times New Roman">Quarter
      Financial Results, Announces Cost Reduction Plan and Fourth Quarter
      Guidance</font></b>
    </p>
    <p>
      CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--November 16, 2010--Hot Topic,
      Inc. (Nasdaq: HOTT), today reported net income in the third quarter of
      fiscal 2010 (13 weeks ended October 30, 2010) of $0.4 million, or $0.01
      per share, compared to $5.8 million, or $0.13 per share, in the third
      quarter of fiscal 2009 (13 weeks ended October 31, 2009). The third
      quarter results include the previously announced non-cash asset
      impairment charge of $3.0 million, or $0.04 per diluted share, related
      to the impairment of ShockHound assets.
    </p>
    <p>
      Total sales for the third quarter of fiscal 2010 decreased 3.4% to
      $183.2 million compared to $189.6 million for the third quarter last
      year. Total company comparable store sales declined 5.0% for the third
      quarter of fiscal 2010. A summary of the sales results by division was
      included in the October sales release.
    </p>
    <p>
      At the end of the third quarter of fiscal 2010, the company operated 680
      Hot Topic stores and 155 Torrid stores compared to 680 Hot Topic stores
      and 156 Torrid stores at the end of the third quarter of fiscal 2009.
      During the third quarter of fiscal 2010, the company opened four new Hot
      Topic stores and closed three stores. The company also remodeled or
      relocated nine Hot Topic stores during the quarter.
    </p>
    <p>
      The company is also announcing that it has developed and is in the
      process of implementing a cost reduction plan to meet the challenges of
      the current environment. Beginning in 2011, these efforts are expected
      to result in an estimated annual pre-tax income improvement of
      approximately $13 million.
    </p>
    <p>
      The key elements of this plan are as follows:
    </p>
    <ol>
      <li style="margin-bottom: 10.0px">
        Closure of approximately 40 to 50 underperforming store locations by
        the end of the first quarter of 2011. These closures will occur as a
        result of natural lease expirations, exercising lease kick out clauses
        and other negotiations. The company expects to incur costs of
        approximately $6 million, primarily in the fourth quarter of 2010.
        These costs are associated with the write down of store assets, early
        lease terminations and store management severance.
      </li>
      <li style="margin-bottom: 10.0px">
        Reduction of capital expenditures for 2011 to approximately $20
        million from an estimated $30 to $32 million in 2010.
      </li>
      <li style="margin-bottom: 10.0px">
        Reduction of approximately 14% of the home office and field management
        positions plus planned savings in other non-payroll overhead expenses.
        The company expects to incur approximately $2 million in expenses in
        the fourth quarter of 2010 primarily related to severance and
        outplacement.
      </li>
    </ol>
    <p>
      The company issued fourth quarter (13 weeks ending January 29, 2011)
      guidance of earnings in the range of $0.11 to $0.14 per diluted share,
      excluding the costs associated with the cost reduction plan. This
      guidance is based upon a low-single-digit decline in comparable store
      sales. The company expects to incur the additional costs primarily in
      the fourth quarter, as previously discussed related to the
      implementation of the cost reduction plan, that will equate to
      approximately $8 million or $0.11 per diluted share.
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      A conference call to discuss third quarter results, business trends,
      guidance and the cost reduction plan is scheduled for November 17, 2010
      at 4:30 PM (ET). The conference call number is 800-706-7749, pass code
      &#8220;Hot Topic&#8221;, and will be accessible to all interested parties. It will
      also be webcast on the company&#8217;s Investor Relations website located at <u>http://investorrelations.hottopic.com</u>.
      A replay of the conference call will be available at 888-286-8010, pass
      code 29783398, for approximately two weeks. In addition, a webcast
      replay of the conference call will be available on the company&#8217;s
      Investor Relations website for approximately two weeks.
    </p>
    <p>
      Hot Topic, Inc. is a mall and web based specialty retailer operating the
      Hot Topic and Torrid concepts, as well as the e-space music concept,
      ShockHound. Hot Topic offers music/pop culture-licensed and music/pop
      culture-influenced apparel, accessories, music and gift items for young
      men and women principally between the ages of 12 and 22. Torrid offers
      apparel, lingerie, shoes and accessories designed for various lifestyles
      for plus-size females principally between the ages of 15 and 29.
      ShockHound (<u>www.shockhound.com</u>) is a genre-spanning music website
      where people of all ages can purchase MP3s and music merchandise, share
      their music interests, read the latest music news and view exclusive
      editorial content.
    </p>
    <p>
      In addition to historical information, this news release and the
      aforementioned conference call contain forward-looking statements, which
      may include statements relating to financial results, guidance, store
      and online operations (including closures, remodels and relocations),
      projections and other financial performance including cost reductions.
      These statements involve risks and uncertainties, including risks and
      uncertainties associated with meeting expected financial results,
      fluctuations in sales and comparable store sales results, our online
      music site, music, license and fashion trends, competition from other
      retailers, uncertainties generally associated with specialty retailing,
      technology and other risks associated with Internet sales, the effect of
      negative conditions in the economic environment (including global
      capital and credit markets), 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, relationships
      with mall developers and operators, relationships with our vendors,
      litigation proceedings and contingent liabilities, as well as other
      risks detailed in the company&#8217;s SEC reports including its Annual Report
      on Form 10-K for the year ended January 30, 2010 and its Quarterly
      Reports on Form 10-Q. 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.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          HOT TOPIC, INC.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          CONSOLIDATED STATEMENTS OF OPERATIONS
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          (In thousands, except per share amounts)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="middle">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="middle">
          Oct. 30, 2010
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; text-align: center" colspan="2" valign="middle">
          Oct. 31, 2009
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          183,219
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          189,568
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Cost of goods sold, including buying, distribution and occupancy
            costs
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          118,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          119,674
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Gross margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          64,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          69,894
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Selling, general &amp; administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          64,229
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          60,260
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          321
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,634
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Interest income-net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          93
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          435
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,727
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          45
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,878
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          390
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,849
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Earnings per share:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Basic and Diluted
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.13
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Shares used in computing earnings per share:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,616
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,143
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,497
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6" valign="middle">
          Nine Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="middle">
          Oct. 30, 2010
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; text-align: center" colspan="2" valign="middle">
          Oct. 31, 2009
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          495,873
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          522,485
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Cost of goods sold, including buying, distribution and occupancy
            costs
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          330,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          342,803
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Gross margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          165,035
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          179,682
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Selling, general &amp; administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          178,066
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          173,622
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Loss)income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (13,031
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,060
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Interest income-net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          246
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          446
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Loss) income before (benefit) provision

          <p style="margin-bottom: 0px; margin-top: 0px">
            for income taxes
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (12,785
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,506
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Benefit) provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (5,128
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,609
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (7,657
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,897
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          (Loss) earnings per share:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Basic and Diluted
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0.17
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.09
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Shares used in computing (loss) earnings per share:
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,526
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,069
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,526
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          44,413
        </td>
      </tr>
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          HOT TOPIC, INC.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          CONDENSED CONSOLIDATED BALANCE SHEETS
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          (In thousands)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; text-align: center" colspan="2" valign="middle">
          Oct. 30, 2010
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; text-align: center" colspan="2" valign="middle">
          Oct. 31, 2009
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current Assets:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash, cash equivalents and short-term

          <p style="margin-bottom: 0px; margin-top: 0px">
            investments
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          57,952
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          91,424
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Inventory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          90,743
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          91,393
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          22,421
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,503
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred tax assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,183
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          177,152
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          203,503
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          130,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          145,253
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deposits and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,258
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,129
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Long-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,184
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred tax assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,113
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,834
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          320,525
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          368,903
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current Liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,785
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          27,932
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          35,023
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          34,222
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          654
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          65,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          62,808
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,594
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          33,219
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred compensation liability
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,094
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,924
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,850
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          100,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          100,801
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total shareholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          220,111
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          268,102
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total liabilities and shareholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          320,525
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          368,903
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          OTHER DATA
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          (Dollars in thousands)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="5" valign="bottom">
          Nine Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; text-align: center" colspan="2" valign="middle">
          Oct. 30, 2010
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; text-align: center" colspan="2" valign="middle">
          Oct. 31, 2009
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,397
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,438
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Capital expenditures
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          23,739
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          19,518
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total company store square footage
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,585,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,584,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Hot Topic average store size
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,762
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,757
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Torrid average store size
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,496
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,495
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Hot Topic, Inc., City of Industry, CA<br>Jim McGinty, CFO<br>626-839-4681
      x2675
    </p>
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</DOCUMENT>
</SUBMISSION>
