Electronics Boutique Revenue Increases 20.5%

By Jeff Malester On Mar 21 2005 - 8:00am

A 22 percent increase in software sales, as well as the launch of Nintendo DS, helped Electronics Boutique push up fiscal fourth-quarter total revenue by 20.5 percent to $809 million, from $671.5 million the previous year. Comp-store sales rose 3 percent during the three months.

A one-time charge of $2.7 million helped push down Electronics Boutique net income in the fourth quarter, ended Jan. 29, to $38.1 million from a year-ago $39.4 million. Excluding the charge, net income for the period hit $40.8 million. The year-ago net includes $2.9 million in management fee income.

Pro forma net income for the fourth quarter was $39.8 million, up from $34 million a year earlier. Pro forma net income excludes a lease accounting charge and all management fee income.

For the 12 months, the specialty retailer of video game hardware and software, PC entertainment software and accessories, reported nearly $2 billion in total revenue, a 24.2 percent rise over the $1.6 billion recorded the previous year. During the 12 months, the retailer opened 449 net new stores, increasing its total to 1,977 vs. 1,528 a year earlier.

Net income for the 12 months reached $52.3 million, which includes the $2.7 million charge. Excluding the charge, net income for the year rose to $55 million. The previous year's net income was $45.7 million, which includes the $2.9 million in income.

Pro forma net income for the 12 months climbed to $51.2 million, up 37.3 percent, compared with a year-ago $37.3 million.

“Fiscal 2005 marked a very successful year for our company,” said Jeffrey Griffiths, president/CEO. “This is reflected in our performance across all areas of our business.

“With respect to our financial performance, robust top-line expansion was supported by solid software sales, led by the success of Microsoft's 'Halo 2' and Take Two's 'Grand Theft Auto: San Andreas.' This was slightly offset by industry-wide hardware shortages in the fourth quarter,” Griffiths said.

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