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Tweeter Q4 Sales Slip 3.4%

10/06/2004 03:16:00 PM Eastern

Canton, Mass. — Stung by hurricane-related store closings within its Florida-based Sound Advice chain, Tweeter Home Entertainment Group reported a 3.4 percent decline in revenue to $179 million for its fiscal fourth quarter, ended Sept. 30.

Comparable store sales declined 3.5 percent in total and 1.8 percent, absent the Florida stores.

“We had a positive quarter going until the first hurricane hit Florida in August and business could not regain its momentum,” reported CEO Jeff Stone. While no employees were injured or stores structurally damaged, the region lost over 191 store days due to weather-related closings.

Nevertheless, the company managed to work down inventory and long-term debt thanks to supply chain and other process improvements, and ended the period with “continuing sales trend improvement” over the preceding quarter, which it expects will continue into the holiday season, Stone said.

Tweeter will release its fourth-quarter earnings on Nov. 23.

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