The retailer's operating income also took a hit, dropping to$2.8 million from $15.5 million during the same year-ago period.Meanwhile, executives have not made a decision as to how to proceedwith 20 to 30 identified underperforming stores in the company's153-unit portfolio.
"Our first quarter earnings were defined by the intensecompetition in the television category," says Tweeter's presidentand CEO Joe McGuire, in a statement. "We sold 33% fewer projectionTV sets and experienced a 17% decline in their average sellingprice.
Management is now considering strategic alternatives to meet"short-term capital needs," including the "monetization of afederal tax refund or the sale of our investment in Tivoli,"according to a company statement. Tweeter has owned a minorityinterest in electronics company Tivoli Audio since 2002.
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