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Entertainment Group Inc. said first-quarter profit is expected to
fall as much as 64 percent as lower sales in its stores hurt the
electronics retailer’s earnings. The shares dropped as much as
31 percent.
Tweeter expects to earn 20 cents to 25 cents a share in the
quarter ending Dec. 31. The Canton, Massachusetts-based company
earned 56 cents a share in the year-earlier quarter. The average
estimate of eight analysts polled by Thomson First Call is
58 cents.
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Same-store sales in the quarter are expected to drop
12 percent to 15 percent, the company said in a statement. The
chain, which operates 174 stores, had expected sales at stores
open at least a year to be little changed or rise 1 percent in the
quarter, which includes the holiday season. So-called same-store
sales exclude new and closed locations.
Bloomberg News
