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Tweeter Q3 Sales Increase 59%

7/03/2002 10:04:00 AM Eastern

Canton, Mass. - Tweeter Home Entertainment Group reported that total revenue for its fiscal third quarter jumped 59.2 percent, to $175 million, up from $110 million posted last year.

Comparable-store sales, however, dropped 4.6 percent, excluding acquired chains. Of the acquired stores, Hillcrest had a comparable-store sales increase of 26.2 percent in the third quarter. Showcase Home Entertainment comps climbed 10.7 percent, while Sound Advice stores had a comp-store sales decrease of 4.7 percent.

With new technology products comprising an increasing percentage of Tweeter's sales mix, sales of high definition (HD) and HD-ready projection television climbed 45.6 percent over the same period last year and accounted for 96.2 percent of Tweeter projection TV sales in the three months.

Sales of digital tube sets jumped 25.8 percent and represented 60.7 percent of category sales in the quarter.

Sales of flat panel plasma and LCD TV's soared 295 percent, but accounted for only 7.4 percent of total sales in the quarter.

Product sales comparisons include Sound Advice.