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Guitar & Music Industry News
October 13, 2006
Guitar Center: Summertime Blues
In early October, Guitar Center (Nasdaq: GTRC) cut its third-quarter
forecast to earnings per share of 36-38 cents, including six cents in
stock-based expense, on sales of $473 million.
The figure is down from the company's earlier estimate of 40-46 cents
EPS on $489-$501 million in sales. It also marks a decline from the same
period a year ago, when GC reported EPS of 51 cents.
The company also reduced its forecast for the fourth quarter. It now
sees $1.14-$1.20 fourth-quarter EPS, including expenses, on $638-$650
million in sales.
"Our performance for the third quarter was not in line with our
expectations," said chairman and CEO Marty Albertson in a press release.
"We experienced uneven sales in both our Guitar Center and Musician's
Friend divisions.
Our Guitar Center comparable store sales were soft in the first two
months of the quarter, with trends improving markedly in September. In
addition, we had higher marketing and promotional expenses at Guitar
Center which we were not able to leverage due to lower than anticipated
sales."
Guitar Center stock tumbled approximately 10 percent in response to the
negative report, and then stabilized.
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