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San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Stamford, Conn. –Harman reports that home audio and multimedia products grew 17 percent in the company’s fiscal third quarter ending March 31.
Chairman Dinesh Paliwal said operating margins hit the high single digits in the three-month and nine-month periods, but did not reveal specific dollar volumes.
Paliwal did note the segment’s nine-month operating margin hit a record-high 8 percent. He also said he expects full-year home/multimedia sales to be “close to $600 million.”
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San Diego – No-contract carrier Leap Wireless suffered continued subscriber losses, a revenue decline, and higher operating and net losses in its fiscal first quarter compared to the year-ago quarter.
In contrast, the company shrank its fourth-quarter and full-year net loss in 2012.
Port Washington, N.Y. – IT and CE seller Systemax reported a $6.3 million loss for the first quarter ended March 3, compared to year-ago earnings of $7.1 million, due to weakness in its retail businesses.
Net sales slipped 3.6 percent to $880.7 million and comp store sales declined 3.3 percent in the U.S. and Europe.
Retail sales, which include TigerDirect in the U.S., fell 10.9 percent, while b-to-b sales, which comprise about 62 percent of the business, increased 1.6 percent.
Shizuoka, Japan — Yamaha returned to profitability with $42.3 million in net income for its fiscal year ending March 31.
That reverses a previous-year net loss of $301.5 million caused by a restructuring of the company’s domestic Japan business, Yamaha said.
The company also forecast growth in revenues and net income in fiscal 2014.
North American audio sales were up for the year, the company noted.
New York — SiriusXM posted a 15 percent gain in first-quarter net income to $124 million on a 12 percent rise in revenues to $897 million and a 12 percent jump in net new subscribers to 453,000.
The subscriber additions were the highest of any first quarter since Sirius and XM merged in 2008, in part because of growing reactivations of OEM satellite radios in used cars.
The first-quarter subscriber additions boosted the company’s subscriber base to a record 24.4 million, up 9 percent from the year-ago quarter.
Boca Raton, Fla. — Office Depot reported lower sales and a net loss of $17 million in the first quarter, ended March 30.
Sales were $2.7 billion, down 5 percent compared with the first quarter of 2012 in both U.S. dollars and in constant currency. Sales in the quarter were negatively impacted by approximately $58 million compared with the prior year due to a shift in the timing of the New Year and Easter holidays.
Office Depot had a net loss of $17 million compared with net earnings, after preferred stock dividends, of $41 million in the first quarter of 2012.
Tokyo — JVC Kenwood reported lower net sales and net income in its fiscal year, which ended March 31.
Net sales were 306,580 million yen, down from the prior year’s 320,868 million yen. Net income was 1,146 million yen, down from the previous year’s 6,032 million yen.
Car electronics sales were 100,548 million yen, down from the previous year’s 107,281 million yen. Operating income was cut to 2,494 million yen from 6,346 million yen.
Seoul, South Korea — Samsung Electronics reported higher revenues and net profit based in part on strong smartphone sales in the first quarter, ended March 31.
Revenues were 52.87 trillion won on a consolidated basis for the first quarter compared with the prior year’s 45.27 trillion won. Net profit was 7.15 trillion won compared with the prior year’s first-quarter profit of 5.05 trillion won.
Chicago — Cobra Electronics cited lower store traffic and higher-than-expected legal expenses for its lower sales and loss for the company’s first quarter.
For the quarter, ended March 31, Cobra posted net loss of $1.5 million on sales of $21.6 million. This is down from the $339,000 profit on sales of $26.4 million generated during the same period last year.
The legal expenses were related to patent legal claims, the company said.
Seattle – Continued investments in content and the impact of unfavorable foreign exchange rates let to a sharp drop in Amazon.com’s first-quarter earnings.
Net income fell 37 percent to $82 million for the three months, ended March 31, while net sales climbed 22 percent to $16 billion. A $302 million impact from unfavorable exchange rates shaved 2 percentage points from the sales tally.
Operating income slipped 6 percent to $181 million, reflecting a $12 million hit from the currency fluctuations.
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