CompUSA reports unexpected sales decline for first nine weeks of quarter ending March 27.
biz.yahoo.com
>>>>>>>>>>>>>>>>>Thursday March 4, 4:16 pm Eastern Time
Company Press Release
SOURCE: CompUSA Inc.
CompUSA Inc. Third Quarter Announcement
DALLAS, March 4 /PRNewswire/ -- CompUSA Inc. (NYSE: CPU - news), America's Largest Computer Superstore® retailer, today announced that based on lower than expected sales for the first nine weeks of its fiscal third quarter ending March 27, 1999, the Company currently believes that the percentage decrease in its comparable store sales results for the full fiscal quarter will likely be a high single digit. In addition, the Company currently anticipates the gross margin for the quarter will be approximately 13.0% to 13.2%.
The Company currently anticipates its earnings per share for the third quarter of fiscal 1999 will be approximately zero, excluding the impact of its information technology and Internet business initiatives. The expected costs of these initiatives during the current quarter are approximately $0.05 per share, resulting in a loss for the third quarter.
The Company further noted that based on current business trends, it would also anticipate a loss for its fiscal fourth quarter.
CompUSA Inc. is one of the nation's leading retailers and resellers of personal computers and related products and services. The Company currently operates 208 CompUSA Computer Superstores in 79 major metropolitan markets across the United States that serve retail, corporate, government and education customers and include technical service departments and classroom training facilities. CompUSA also offers its own build-to-order personal computer series, the CompUSA PC(TM), and operates an Internet site located at www.compusa.com where customers can shop for over 180,000 items on-line.
This news release contains forward-looking statements about the business, financial condition, and prospects of the Company. The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties, including without limitation, changes in product demand, the availability of products, changes in competition, economic conditions, various inventory risks due to changes in market conditions and other risks indicated in the Company's Securities and Exchange Commission filings and reports. All of the foregoing risks and uncertainties are beyond the ability of the Company to control, and in many cases the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward- looking statements. When used in this news release, the words ''believes,'' ''anticipates,'' ''expects'' and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements.
SOURCE: CompUSA Inc.
----------------------------------------------------------------------<<<<<<<<<<<<<<<<<<<< |
