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Sound Advice Reports Record For Fiscal-Year, Q4 Net Sales

2/26/2001 02:00:00 AM Eastern

DANIA BEACH, FLA. -Despite a modest same-store sales increase in December, upscale specialty consumer electronics retailer Sound Advice announced record fourth-quarter and fiscal-2001 sales results.

Net sales for the fiscal fourth quarter ended Jan. 31 reached $69.3 million, a 17.6 percent increase over net sales of $58.9 million recorded in the year-ago three months. Comp-store sales for the same quarter were up 5.4 percent.

Net sales for the fiscal year climbed 11.9 percent to $198.4 million, compared with $177.3 million in the previous fiscal year. Comp-store sales for the year increased 7.1 percent.

"We are pleased with these results in light of a modest December same-store sales increase," said chairman/CEO Peter Beshouri. "Our January sales were especially strong, with comparable-store sales increasing by more than 10 percent.

"The company is performing well in this challenging economic environment, and we intend to continue to grow the company in the coming months through new-store openings in Florida and Arizona, and to improve our performance at our existing locations."

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