Guitar Center’s Profit More Than Doubles
Musical instrument retailer Guitar Center Inc. said third-quarter profit more than doubled on strong sales at its namesake outlets and online unit Musician’s Friend.
The company said net income rose to $12.4 million, or 45 cents a share, from $5.8 million, or 23 cents, a year ago. Sales rose 18% to $354.9 million from $300.1 million.
Analysts on average had expected the company to post a profit of 41 cents a share on revenue of $349.6 million, according to Reuters Estimates.
The company said sales at its Guitar Center stores rose nearly 18% to $272.3 million, with same-store sales up 9%.
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