twice connect

Tweeter Q2 Sales Up 4%

4/06/2004 12:41:00 PM Eastern

Canton, Mass. — Total revenue for Tweeter Home Entertainment Group rose 4 percent to $189 million for its second fiscal quarter ended March 31, while comparable store sales returned to positive territory with a 3 percent gain.

"It feels good to once again have a positive comp quarter under our belts," said president/CEO Jeff Stone.

Chief Financial Officer Joseph McGuire attributed the gains to new supply chain initiatives, which are beginning to yield improved turns and in-stocks while reducing discontinued inventory.

Total inventory levels and outstanding debt have also declined, McGuire noted.

Stone also reported that the company’s in-home services division — which he described as "a critical link to our divergent future" — enjoyed a record quarter, up 30 percent in dollars year-over-year and now representing 3.5 percent of total Tweeter revenue.

He added that comp store sales would have been even higher, save for a decision to scrap a private customer sale in February.

Added McGuire: "We believe that the decisions that we are making around managing inventory, changing internal process and brand repositioning, although having negative short-term impact [on earnings], are in the best interest of the future of our franchise."

Tweeter will release its second quarter earnings on April 27.

ProSource Meeting Filled With Optimism

San Antonio — Optimism reigned at ProSource’s

Ingram Draws 500 To Spring Vendor Expo

Scottsdale, Ariz. — Ingram Micro Consumer

CEA Holds ’14 Digital Patriots Dinner

Washington — CEA held its annual Digital Patriots’

8 Technology Accessories For a Greener Earth

An Earth Day review of Earth-friendly products, by

BrandSource Shows Diverse Product Selection

BrandSource’s Summit show at the Marriott World

Scenes From Toy Fair

By Lisa Johnston

ADL Honors Morales, Bilas, Paull, Weedfald At Annual Dinner

New York — The Anti-Defamation League’s National