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For the 47 weeks ended Nov. 25, Musicland's comparable-store sales climbed 0.7%, while total sales increased 2% to $1.48 billion from $1.45 billion last year.
Thursday, November 30, 2000

MUSICLAND TAKES A SALES DIP

Slow Sales Blamed On Lifelike Kathie Lee Gifford Cardboard Cutouts
Musicland is reporting a decline in its November sales. In the four weeks ended Nov. 25, the Minneapolis-based retailer's comparable-store sales dropped 3%.

The company's Superstores Division of Media Play and On Cue was hardest hit, with sales decreasing 7%, while the Mall Stores Division of Sam Goody and Suncoast slipped just 0.6% percent in November.

During the four-week period, the company's total sales fell 1.6% to $158.1 million compared to $160.7 million for the same four-week period last year. Superstores total sales were down 0.9% to $58.2 million compared to $58.7 million in 1999. Mall Stores totals decreased 1.9% $99.9 million from $101.8 million a year ago.

For the 47 weeks ended Nov. 25, Musicland's comparable-store sales climbed 0.7%, while total sales increased 2% to $1.48 billion from $1.45 billion last year.

Said Vice Chairman and Chief Financial Officer Keith Benson: "We are encouraged by solid sales gains during Thanksgiving week, which offset some of the decline we experienced throughout much of November. DVD exceeded 40% of our total video sales for the second straight month. DVD and other entertainment-related merchandise including electronics and video games recorded increases while music sales were down for the month."

Benson added he expected video sales to skyrocket with the release of "HITS Christmas Party 2000: Sit This On Santa's Lap."

 
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