Ultimate Electronics Expansion Plans On Track22 Oct, 2002 By: Hive News
Specialty retailer Ultimate Electronics, Inc. reiterated its earnings guidance and detailed expansion plans in a press release today.
"We continue to expect our sales growth, comparable store sales and earnings per share to finish the quarter within the revised guidance given Aug. 26," said CFO Alan Kessock.
The company continues to expect sales for the quarter ended October 31, 2002, to be between $177 million and $179 million. Sales were $132.8 million for the quarter ended October 31, 2001. The company expects comparable store sales to be between 0 percent and 2 percent and earnings per share to be between $.10 and $.12 for its fiscal third quarter.
"As previously announced, the 2002 and 2003 new store plan projected 20 to 24 new stores being opened during the two-year period. With 12 new stores expected to be open by the end of 2002, we plan to open 8 to 10 new stores in 2003 and to relocate and significantly expand our Rochester, Minnesota store,” Kessock said, “We plan to announce the specific markets for our 2003 stores by the end of November."
Ultimate Electronics has stores in 13 states. With the addition of the seven new stores in the Dallas/Ft. Worth market, the company operates 55 stores, including 36 stores in Arizona, Idaho, Illinois, Iowa, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and Utah under the trade name Ultimate Electronics, 11 stores in Colorado under the trade name SoundTrack and eight stores in Minnesota under the trade name Audio King.