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Electronics Boutique Q2 Revenue Soars 19.8%

8/23/2004 11:48:00 AM Eastern

West Chester, Penn. — Electronics Boutique Holdings reported a 19.8 percent jump in fiscal second-quarter revenue, hitting $362 million, up from a year-earlier $302.1 million, reflecting strength across all areas of its business and in each of its markets.

The top-line growth was driven by a 29 percent increase in video game software sales and strong hardware unit sales, said the retailer. Same-store sales, however, declined 2.2 percent during the quarter.

The global specialty retailer of video game and related products more than doubled its net income in the three months, ended July 31, reaching $3.9 million, up from a year-ago $1.7 million. Gross margin improved to 29.5 percent in the second quarter, compared with 27 percent in the same period in 2003, due primarily to increased contribution from the higher margin pre-played category, coupled with savings in freight expense.

For the first six months, Electronics Boutique revenue climbed 21.3 percent to $731.4 million, up from a year-earlier $602.4 million. Net income increased 43.1 percent, hitting $6.9 million, compared with $4.8 million in the first half of fiscal 2003.

During the second quarter, the retailer opened 117 new stores, increasing its total to 1,733 as of the end of July.

As the company moves forward in the second half of this year, it expects to remain focused on three growth elements — adding to its domestic strip center locations, further developingits pre-played business, and expanding its international presence. Total annual sales increase should hit in the range of 17 percent to 21 percent, said the retailer.

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