Electronics Boutique Reports 3rd Qtr. Revenue Rises 6.3%
Staff -- TWICE, 12/17/2001
West Chester, Pa. — Video game hardware, software and PC entertainment software and accessories retailer Electronics Boutique, bolstered by strong consumer interest in new gaming technologies, reported a 6.3 percent increase in total revenue for its fiscal third quarter, hitting $169.3 million, up from $159.2 million in the year-ago period.
Net income for the same three months, ended Nov. 3, reached $2.9 million, more than double the $1.4 million recorded in the same quarter in 2000.
For the nine months, Electronics Boutique registered total revenue of $524.6 million, a 20.1 percent increase over the $436.8 million recorded in the same three months last year.
The company reported a net loss of $30,000 for the nine months, compared with $856,000 in the year-ago period, excluding non-recurring income. Including this item, net income reached $1.8 million in the same period in 2000.
"Year-to-date sales have been dominated by PlayStation2 hardware and related software — with an installed base of console systems achieving a level twice that of the original PlayStation in the same period of time. Yet, early results indicate that Microsoft's Xbox and Nintendo's GameCube are gaining considerable traction," said Jeffrey Griffiths, president/CEO.
Electronics Boutique is forecasting a comp-store sales increase of 30 percent to 33 percent in the fiscal fourth quarter ending Feb. 2, 2002.
"Consumer demand for the new generation of video game systems is extremely strong and is expected to drive growth in the overall industry between 25 percent and 30 percent," said Griffiths.
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