A 50% increase in the sale of LCD televisions was more thanoffset by massive declines in all other categories, including a 56%drop in projection TV sales, said Stuart A. Rose, chairman and CEO.The company will continue to shutter selected stores, but does notanticipate a major selloff.
"Nearly everyone in the television business, except for LCDs, isin a rough position," Rose said. "We will continue to evaluate ourstores on an ROI basis. If we can't make money, we will look veryseriously and decide what to do."
Net income for the quarter was $5.8 million, compared with netincome of $1.5 million, in the second quarter of last year. Incomewas boosted strongly from the company's synthetic fuels business.Net retail sales were $56.3 million compared with $63.6 millionlast year. Comparable store sales for the quarter declined 12%.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
