SOUND OF MUSICLAND SALES DOWN
The home entertainment retailer's comparable-stores sales dropped 4.2% for the five-week period ending September 30. The Mall Stores Division, which includes Sam Goody and Suncoast, showed a 2.9% drop, while the Superstores Division, with Media Play and On Cue, slipped 6.4%.
Total sales decreased to $139 million, as compared to last year's sales of $142.6 million for the same period. However, for the 39-week period ending September 30, comparable-store sales rose 1.5% and total sales increased 2.7% to $1.2 billion, up from $1.17 billion last year.
We'd love to tell you what it all means, but our Retail Editor Mark Pearson is in New York and can't be reached.
Said Vice Chairman/Chief Financial Officer Keith Benson: "Sales remained soft through September due to weak music releases and historically slow shopping during the Olympics. We are optimistic that fourth quarter music and video releases will spur a sales rebound. ‘The Flintstones in Viva Rock Vegas' and that new Tom Wopat CD are gonna be huge. I hope I hope I hope I hope."
