SAN FRANCISCO, Oct. 8 /PRNewswire/ -- the good guys! (Nasdaq: GGUY) today
announced that sales for its fourth fiscal quarter ended September 30, 1998
were $220 million, up 8% from $204 million in the fourth quarter of fiscal
1997. Comparable store sales for the quarter increased 3%.
For the fiscal year ended September 30, 1998, sales increased 4% to
$928 million from $891 million for the same period last year. Comparable
store sales increased 3% over last year.
The Company expects to report a loss for the quarter ended
September 30, 1998 in the range of $.45 to $.48 per share, compared to a
$.49 per share loss during the same quarter last year. This will bring the
expected loss for the fiscal year from $.63 to $.66 per share, compared to an
$.89 per share loss in the previous fiscal year.
Robert A. Gunst, President and Chief Executive Officer, said, "While we
are pleased that we have been able to turn our sales trends positive and
reduce our losses in fiscal 1998, we remain focused on accelerating this
progress and returning the Company to profitability. After years of sluggish
overall audio and video sales in our industry, we are optimistic that a return
to strong growth will accompany the digital revolution that should be driven
by the rollout of digital and high definition TV. This should provide
excellent growth and profit opportunities for a value-added, audio/video
market leader like the good guys!."
During the fourth quarter, the Company converted its Concord, Sacramento,
and Stonestown the good guys! stores in Northern California into its new
Audio/Video Exposition format. This brings its total Audio/Video Exposition
stores to seven as of the end of the fiscal year.
During the current quarter, the first quarter of Fiscal 1999, the Company
will convert its Dublin, California store into this new format and will move
its San Mateo store to a new location where it will open the first Audio/Video
Exposition WOW! store in Northern California in partnership with Tower
Records. Also during the current quarter, the Company and Tower Records will
open a new Audio/Video Exposition WOW! store in Laguna Hills, California.
the good guys! is a leading specialty retailer of consumer electronics,
operating a total of 77 stores, 59 in California, nine in Washington, five in
Oregon and four in Nevada, and marketing a broad range of high quality, name
brand products. For more information on the Company, including news releases,
employment opportunities, product information and store locations, visit the
good guys! Internet home page at http://www.thegoodguys.com. the good guys!
press releases are also available by fax through Company News-On-Call at
800-758-5804, extension 108403.
SOURCE the good guys!
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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:
Dennis C. Carroll, Chief Financial Officer of
the good guys!, 650-615-6233
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