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Good Guys' Q3 Sales Slide 13%

12/11/2002 09:58:00 AM Eastern

San Francisco - Good Guys' net sales fell 13 percent to $172 million and same store sales slid 10 percent during its third fiscal quarter ended Nov. 30.

The company said its net results were impacted in part by the closure of seven stores earlier this year, and that while sales picked up in November, capped by a 'strong' Thanksgiving weekend, the holiday spurt will largely be reflected in December.

Still, chairman/CEO Ken Weller described the performance of the high-end A/V chain as 'disappointing' during the early part of the quarter, which prompted 'a number of significant changes that have already started to deliver results.'

Among actions taken were the restructuring of the retail team in October and a greater focus on 'quality of sales metrics,' which together have improved the in-store experience, increased average transaction size and gross profit per transaction, and strengthened comp store sales, Weller said.

The company noted that flat panel displays, HDTV, digital cameras and home theater systems and other digital products continued to show strong growth, with sales of plasma and LCD displays up more than 400 percent from the year ago period.

By contrast, sales of audio components, VCRs and other 'mature' technologies continued to decline.

Weller said cost-cutting efforts should Good Guys reach its goal of returning to profitability during its current fiscal year. He added that the holiday selling season is off to a favorable start for the chain, and that both cash availability and in-stock position on key items remains strong.

Financial results will be reported later this month, the company said.

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