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Electronics Boutique Net Income Soars

11/22/2002 09:33:00 AM Eastern

West Chester, Pa. - Driven by a substantial increase in comparable-store sales, Electronics Boutique Holdings reported strong financial results in its fiscal third quarter with net income hitting $7.1 million.

The specialty retailer of video game hardware, software and PC entertainment software and accessories reported a 55.3 percent increase in revenue in the third quarter, hitting $283 million, up from $182.2 million in the year-ago period. Comparable-store sales jumped 37.7 percent in the third quarter, due primarily to the significant sales strength of new and pre-owned video game software on all major platforms.

Net income in the third quarter, ended Nov. 2, reached $7.1 million, compared with the $2.9 million reported in the same quarter of last year.

On a pro forma basis, which excludes the results of operations and related expenses associated with the retailer's EB Kids and BC Sports Collectibles businesses in the current and prior-year periods, third quarter revenue reached $279.2 million, compared with $175.8 million in the same three months in 2001. Pro forma results for the current year exclude a restructuring charge reversal of $2.2 million.

Pro forma net income for the third quarter was $6.1 million, compared with $3.8 million in the third quarter of last year.

Electronics Boutique said video game software comprised 65 percent of company sales in the third quarter, and that total video game revenue grew by 87 percent in the three months, compared with industry revenue growth of 38 percent, as reported by NPD.

For the nine months, revenue increased 39.4 percent, hitting $783.2 million, up from $561.7 million in the same nine months in 2001. Net income for the first nine months was $8.5 million, compared with a net loss of $30,000 reported in the same period last year.

Looking ahead to the fourth quarter, Electronics Boutique anticipates a comp-store sales increase of 8 percent to 12 percent.

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