Specialty retailer Tweeter Home Entertainment Group took a positive bounce in its fiscal first quarter, boosting sales 3 percent to $266.5 million, from $258.2 million in the same quarter a year ago, and raising net income from continuing operations by 158 percent to $14.5 million, from $5.6 million in the fourth quarter of the prior year.
Tweeter, a national high-end A/V specialty retailer, which has been re-inventing itself with an emphasis on custom installation, reported a comp-store sales increase of 6 percent in the first quarter, ended Dec. 31.
“Our profit performance improved as a result of comparable store revenue growth, 80 basis points of expansion in gross margins and 130 basis points of leverage in SG&A expenses,” said Joe McGuire, president/CEO. “Overall, we feel it is an excellent start to the year.”
Tweeter net income for the first quarter reached $14.3 million, up from a year-ago $4.9 million.
The company said on Jan. 13 it completed a sale and lease back of its corporate headquarters and New England distribution center for $13.6 million.
For more on Tweeter's financial results, see www.twice.com.