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Tweeter Reports Sales Slipped 3% To $181 Million In Fiscal Q2

4/18/2005 02:00:00 AM Eastern

Tweeter Home Entertainment Group said sales for its fiscal second quarter, ended March 31, fell 3 percent to $181 million while same-store sales slipped 4 percent.

Joe McGuire, chief financial officer and interim CEO, called the results disappointing, but pointed to positive trends including a 1 percent uptick in same-store sales in March; a $17 million reduction in second-quarter inventory, to $107 million; and a $3 million reduction in debt, to $44 million by the end of the period.

“We continue to be a company in transition as we move to more of a [service] retailer,” McGuire said, citing a 47 percent increase in home labor sales year-over-year to in excess of $10 million, or 5.3 percent of revenue.

McGuire assumed the interim CEO post after president/CEO Jeff Stone announced his resignation last month. Stone will leave Tweeter on April 26 to join Tivoli Audio as president/COO.

Tweeter will announce its second-quarter earnings on April 28.