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Tweeter Q3 Sales, Comps Off

7/03/2003 09:41:00 AM Eastern

Canton, Mass. - Specialty retailer Tweeter Home Entertainment Group recorded a 3 percent drop in total revenue for its fiscal third quarter, reaching $170 million, compared with $175 million in the year-ago period. Comp-store sales were off 10 percent for the three months, ended June 30. Tweeter had previously announced expectations of comp-store sales between negative 6 percent and negative 10 percent. In all its markets, excluding Florida and Arizona — and excluding the Sound Advice chain — comp-store sales showed improvement as the third quarter progressed. Comp-store sales were down 11 percent in April, down 9 percent in May and off 4 percent in June, for a quarter comp of down 8 percent, exclusive of these two regions, which account for about 25 percent of Tweeter's revenue. Gross margin in the Florida and Arizona markets, however, improved by about 140 basis points in June, compared with the same three months in 2002.