Tweeter narrows loss
Consumer electronics retailer Tweeter Home Entertainment Group Inc. said today that its fiscal fourth-quarter net loss narrowed, even as sales dropped because of a sharp decline in the selling price of flat panel displays.
For the quarter ended Sept. 30, the company, which is based in Canton, posted a loss of $16.8 million, or 66 cents per share, compared with a loss of $20 million, or 81 cents per share, during the same period a year ago.
Sales fell 14 percent to $162.3 million from last year's $188.3 million.
Same-store sales, or sales at stores open at least a year, declined 13 percent.
The cost of producing sales slid 16 percent to $97.3 million, and selling and general expenses fell 9 percent to $80.4 million.
For the full year, the company posted a loss of $16.5 million, or 66 cents a share, compared with a loss of $74.4 million, or $3.03 per share, in the prior year.
Sales fell 3 percent to $775.3 million from last year's $795.1 million.
The company sells products such as stereo systems, TVs, car stereos, satellite radios, DVD and portable music players. (AP)
