The electronics retailers Q2 sales are down from the previous quarter, when same-store sales inched up by 2%. Executives blamed a February Super Bowl (the game is usually played the month before) for negative January sales, and the combined months posted a drop in revenues. Same-store sales in March were up 1%.
The chain's long-term debt decreased by $3 million from the same year-ago period, to $44 million. Tweeter will released its full quarterly results on April 26.
Last month Jeffery Stone, the company's president and CEO, for a president and COO position at Tivoli Audio, in which Tweeter owns a 25% stake. Stone, who officially leaves the company on April 26, will remain on its board of directors.
Tweeter operates the Tweeter, hifi buys, Sound Advice, Showcase Home Entertainment and Hillcrest High Fidelity chains in the New England, Las Vegas, Texas, Southern California, Mid-Atlantic, Chicago, Southeast, Florida and Phoenix markets. Tweeter launched a new prototype store in January, as well as a new marketing campaign, which company executives have said they would roll out this year.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.