Q2 Sales Down At Good Guys
By Alan Wolf -- TWICE, 9/15/2003
SAN FRANCISCO— Good Guys' sales fell 14.3 percent to $152.2 million for its second fiscal quarter, ended Aug. 31, while comparable store sales declined 13 percent.
Chairman/CEO Ken Weller said the second quarter comps were anticipated, and that the company expects improved results for the second half of the year when upgrades in assortment and a renewed focus on total-solution selling gain traction.
The company said demand for cutting edge electronics like flat-panel displays, DVD recorders and HDTV set-top boxes remained strong through the quarter, with unit sales of plasma sets doubling and LCDs tripling, compared with the year-ago period. But those gains were offset by declines in more mature categories like DVD players, home audio, and projection and tube TVs.
Recently appointed president Thomas Herman added that despite first-half challenges, Good Guys is well positioned for the holiday selling season with a "very healthy inventory position," a new marketing campaign, a stronger management team and a new store management structure.
