SAN FRANCISCO, July 9 /PRNewswire/ -- the good guys! (Nasdaq: GGUY) today
announced that sales for its third fiscal quarter ended June 30, 1999, were
$210.5 million, up one percent from $209.1 million in the third quarter of
fiscal year 1998. Comparable store sales for the quarter decreased two
percent.
For the first nine months of fiscal year 1999, sales increased two percent
to $723.7 million from $708.4 million for the same period last year.
Comparable store sales decreased one percent over last year.
"Our recent sales trends are disappointing. However, we are developing a
strategic plan aimed at streamlining our operations to become more efficient,
improving margins and returning the company to profitability," said
Ron Unkefer, founder, chairman and CEO of the good guys!, who rejoined the
company on July 1, 1999. "By focusing on our core competencies, we are
confident that we can re-establish the good guys! as the leading and preferred
source for premier consumer entertainment electronics brands and related
services."
Unkefer said he expects to announce the company's new business strategy by
the end of July.
the good guys! is a leading specialty retailer of consumer electronics,
operating a total of 79 stores, in California, Washington, Oregon and Nevada,
and marketing a broad range of high quality, name brand products. For more
information on the good guys!, including news releases, product information
and store locations, visit http://www.thegoodguys.com.
To the extent this news release contains forward-looking statements, such
statements are subject to risks and uncertainties, including, but not limited
to, increases in promotional activities of competitors, changes in consumer
buying attitudes, the presence or absence of new products or product features
in the Company's merchandise categories, changes in vendor support for
advertising and promotional programs, changes in the Company's merchandise
sales mix and economic conditions.
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Related links:
http://www.thegoodguys.com
Company News On-Call:
http://www.prnewswire.com/comp/108403.html or fax,
800-758-5804, ext. 108403
CONTACT:
Kristen Malacarne of the good guys!,
214-665-1335, or pager, 888-613-2159
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