LG Reports Increases In Q3 Sales, Profits By Greg Tarr - 10/26/2009
Seoul, South Korea — LG Electronics reported record revenue and operating profits for the third quarter, with global sales rising 15.7 percent to $11.2 billion from a year ago. In the period, operating profit climbed to 850 billion Korean won (about $685 million), resulting in a margin of 6.1 percent, 1.
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e-Readers Hot For The Holidays: Forrester By Amy Gilroy - 10/12/2009
Cambridge, Mass. — E-reader sales will be even rosier this year than predicted, said Forrester Research in a new report publicized last week. Calling e-readers a “breakout success,” Forrester upped its forecast for U.S. e-readers to 3 million units for 2009, up from 2 million predicted earlier, with 900,000 units expected to sell during the holiday season.
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Microsoft's Bach Predicts 'Good Holiday' By Joseph Palenchar - 10/12/2009
New York— Microsoft will enjoy “a good holiday season,” thanks to multiple product and service introductions and recent Xbox price reduction, said Robbie Bach, president of Microsoft's entertainment and devices division. In general, “technology gifts will be very popular” despite the economy, he told reporters during the company's first-ever pre-season open house.
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Discounters See Uptick In CE Sales In September By Alan Wolf - 10/12/2009
New York— Purchases of TVs and computers in September helped drive the first meaningful sales gains in months for discount retailers, suggesting that the freeze in consumer spending may thaw for the holidays. Nevertheless, falling prices, particularly in CE, squeezed same-store sales and offset the benefits of higher traffic and a favorable calendar shift for Labor Day, which moved pre-ho...
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FCC: U.S. Faces Cellular Spectrum Gap By Joseph Palenchar - 10/12/2009
San Diego— “The biggest threat to the future of mobile in America is the looming spectrum crisis,” the chairman of the Federal Communications Commission told the wireless industry during a trade show here. “While the short-term outlook for 4G spectrum availability is adequate, the longer-term picture is very different,” chairman Julius Genachowski said today at the...
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Dell To Shutter N.C. PC Plant By Doug Olenick - 10/12/2009
Round Rock, Texas — Dell reported last week it will close its Winston-Salem, N.C., factory and lay off 905 employees. The plant, which produced desktop computers, will close its doors in January but will start wrapping up operations next month. The plant closing is part of the company's long-term plan to simplify its operations, the company said in a written statement.
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RadioShack Looking For New Chief Merchant By Alan Wolf - 09/28/2009
Fort Worth, Texas— RadioShack's chief merchandising officer Peter Whitsett has left the company to pursue other interests. According to an 8-K report filed with the Securities and Exchange Commission, Whitsett's duties will be temporarily assumed by various members of the chain's senior management while it launches an executive search for a permanent successor.
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Arris Group To Acquire Digeo In $20M Deal By Greg Tarr - 09/28/2009
SUWANEE, GA. — The assets of Paul Allen's advanced cable set-top-box company Digeo will be acquired by Arris Group in a $20 million cash deal announced by the companies last week. Through the agreement, which is expected to close early in the fourth quarter of 2009, Arris Group will get Digeo's engineering team and intellectual property portfolio.
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Audiovox Has 'Turned Corner’ To Profitability By Amy Gilroy - 09/21/2009
NEW YORK—Audiovox believes it has turned the corner to profitability after losses last year due to the recession. At a Wall Street conference last week Pat Lavelle, president/CEO also said it is improving its position in automotive OEM sales, in high-end RCA remote controls and in emerging categories like Internet radios and live TV devices for the car.
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Office Depot Pares CE Mix By Alan Wolf - 09/21/2009
NEW YORK— Office Depot is reducing its commitment to consumer electronics as part of an effort to increase margins and improve profitability. The office-supply chain’s CE offering represents about 25 percent of its sales mix and is comprised largely of notebook computers, a traditionally low-margin category.
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Best Buy Posts Lower Profit By Steve Smith - 09/21/2009
MINNEAPOLIS— Best Buy reported lower net earnings and comp-store sales, but higher net revenue for its fiscal second quarter that ended Aug. 29. Compared with the prior year’s quarter, net revenue was up 12 percent to $11 billion, up from $9.8 billion. Net earnings were $158 million, down 22 percent from the prior year’s $202 million.
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Best Buy Touts Share Growth, Q4 Prospects By Steve Smith - 09/21/2009
MINNEAPOLIS— Best Buy emphasized its market share gains and opportunities to take more share, as well as holiday sales optimism, during an earnings conference call after it released its fiscal second-quarter earnings last week. Best Buy reported lower net earnings and comp-store sales, but higher net revenue for its fiscal second quarter that ended Aug.
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Panasonic Posts Lower Sales, Reduced Loss In Fiscal Q1 08/24/2009
OSAKA, JAPAN — Panasonic reported its consolidated financial results for the fiscal first quarter, ended June 30. Consolidated group sales for the first quarter decreased 26 percent to 1,595.5 billion yen ($16.7 billion), from 2,152 billion yen ($22.5 billion) in the same three-month period a year ago, the company said.
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Lowe's Earnings Down 19% in Q2 By Alan Wolf - 08/24/2009
Mooresville, N.C.— Lowe's, the nation's No. 2 appliance chain, said second-quarter net earnings fell 19 percent to $759 million due to the weak economy and soft demand for home-improvement products. Sales for the three months, ended July 31, slipped 4.6 percent to $13.8 billion, and comp-store sales declined 9.
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Walmart Reports Flat Earnings In Q2 By Alan Wolf - 08/24/2009
Bentonville, Ark. — Walmart reported flat earnings and slightly lower revenue for its second quarter, ended July 31, citing soft demand, currency fluctuations, and price deflation in electronics and other categories. Net income slipped 0.2 percent to $3.4 billion and net sales declined 1.4 percent to $100 billion for the three-month period.
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Systemax Posts Lower Profits, Sales In 2nd Qtr. By Alan Wolf - 08/24/2009
Port Washington, N.Y.— Systemax reported a 52 percent drop in second-quarter net earnings, to $6.5 million, for the three months ending June 30. Net sales for the company which makes computers, parts and peripherals and sells them through its Circuit City, CompUSA and TigerDirect retail operations, slipped 4.
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Retailers Report Mixed Q2 Results By Alan Wolf & Steve Smith - 08/03/2009
NEW YORK — Publicly held retail chains reporting their quarterly results recently — Amazon.com, RadioShack and Office Depot — provided a decidedly mixed picture of what went on at retail during the second quarter. Amazon.com reported higher sales, but lower profits, RadioShack had lower sales, but higher profits, and Office Depot had a loss and lower sales, while hhgregg incre...
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iPhone Sales Give Apple, AT&T Lift; Microsoft Qtr. Off By Steve Smith and Joseph Palenchar - 08/03/2009
NEW YORK — Apple and AT&T both show strength in the second quarter, based on the popularity of iPhone, while Microsoft experienced sales and profit softness. Apple reported what it called its “best non-holiday revenue and earnings” in its history for its fiscal third quarter, ended June 27.
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Quarter Kind To Koreans, Tough On Japanese Cos. By Steve Smith and Greg Tarr - 08/03/2009
NEW YORK — Six top overseas CE manufacturers revealed their quarterly reports, with two Korean suppliers reporting higher sales and earnings and four Japanese suppliers going in the other direction. Reporting last Thursday, Sony posted a double-digit drop in sales and loss in its fiscal first quarter, ended June 30, blaming part of the problems on currency exchanges and heavy price promot...
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TVs, PCs Bucked June Sales Trends By Alan Wolf - 07/20/2009
NEW YORK — At least two big-box discounters cited sales of TVs and computer hardware as the exceptions to an otherwise dreary June. Wholesale clubs Costco and BJ's both said TVs and PC hardware were among the month's strongest performers, with Costco's TV unit volume up more than 50 percent year over year.
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