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Electronics Boutique's Q2 Revenues Climb, Expects Even Better Q3

Electronics Boutique announced financial results for fiscal Q2, reporting a 39% increase in revenues over last year, to $175.4 million.
However, the company still posted a net loss for the period of $1.5 million (7 center per diluted share), due to an increase in selling, general and administrative expenses related to the opening of new EB stores (from 645 to 813 stores worldwide over the past year) and rising corporate administrative expenses. The company attributed its 25% rise in comparable-store sales during the quarter to strong demand for PS2 hardware, software and accessories, as well as demand for the Game Boy Advance. For Q3, the company expects total revenues to increase to approximately $194 million and earnings to be in the 11-14 cents-per-share range. The company intends to open 175 new stores in fiscal 2002 and expects sales to increase to about $1.0 billion based on these new store openings.

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