RUMOR MILL
Thursday, July 20, 2000
MUSICLAND 2Q EARNINGS SKYROCKET
Company Execs Celebrate With Liquor And Whores, Employees Get Commemorative Paperweights
Everything's coming up roses for Musicland Stores Corporation—green roses. The nation's largest home-entertainment retailer is reporting a 14% increase in second-quarter earnings.
Musicland stores and e-commerce net earnings rose to $.05 per diluted share, up $.01 from last year's second quarter. Overall sales reached $818.3 million.
With sales up 4.4% from last year, Musicland store earnings climbed to $.11, while net earnings increased more than 62%, to $3.6 million.
While e-commerce generated a share loss of $.06 (compared to $.02 a year ago), it marks a huge leap in revenues to $1.7 million. Last year, Musicland online sales earned only $.03 million in its first-ever quarter.
