San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
SUNNYVALE, CALIF. — Weak economic conditions and ongoing customer inventory corrections throughout the first quarter ended March 31 contributed to a significant slowdown in business at SanDisk. First-quarter revenues dropped 7 percent to $101.3 million, compared with $109.4 million in the year-ago three months. Product revenues were $88.1 million, off 9 percent from the $97.2 million in the same period of the prior year. Net loss from business operations in the first quarter was $29.1 million and includes an inventory charge of $45.3 million. This compares with earnings from business operations of $15.3 million in the first quarter of 2000. Net loss for the first quarter was $143.1 million, including an unrealized loss. This compares with first-quarter 2000 earnings of $219.3 million. SanDisk said it expects pricing pressures and weak demand will adversely impact its second-quarter sales. The company is projecting second-quarter product revenues to be unchanged from the first quarter.
TOKYO — Due to the positive impact of a weaker yen when doing foreign business, Nintendo has sharply revised upward its earnings estimates for its fiscal year ended March 31. The video game and console maker said it expects to record a group pretax profit of $1.54 billion and a net profit of $770 million for the just-ended fiscal year. These figures are up from earlier projections of a $1.18 billion pretax profit and a $630 million net profit. Sales outlook for the group was cut to $3.7 billion from $4 billion. In the previous fiscal year, Nintendo recorded a group net profit of $450 million, on sales of $4.2 billion.