Tweeter Home Shares Fall

LOS ANGELES: Tweeter Home Entertainment Group Inc. stocks fell on Thursday after the electronics retailer reported weak quarterly sales figures.

Stock of the Canton, Mass.-based company slid 89 cents, or 13 percent, to $ 6 in midday trading on the Nasdaq Stock Market.

Thursday's weakest level was $ 5.95. On a 52-week basis, there was a low of $ 2.43 last July 6 and a high of $ 9.22 on Jan. 26.

Tweeter tumbled after the company said that for the fiscal third quarter ended June 30, sales at stores open more than a year or same-store sales, rose to $ 147 million from $ 143 million.

The company had also reported same-store sales to have increased of 6 percent in the last two quarters.

According to Tweeter, it had fewer stores in operation in the latest period, with 153. The prior third quarter started with 171 stores and ended with 160.

That led to a drop in total revenue from continuing operations in the latest quarter to $ 159 million from $ 167 million a year earlier.

Flat panel television sales continued to boost the company's business, Tweeter said.