Handleman income falls

Handleman Co. said its third quarter net income dropped almost 30% to $ 10.1 million or 30 cents per share as sales fell 11% to $ 300 million, in line with expectations. Handleman shares dropped 38 cents to $ 11.50 per.

Handleman attributed most of that drop to a decrease in music sales, which fell 18% to $ 161.1 million in the quarter ended Jan. 31 due to year-end inventory problems that “resulted in reduced sales volume and increased merchandise returns in January.”

Homevideo sales of $ 103.3 million were basically unchanged from the same year-ago period.

Home software sales also fell 21% to $ 14.4 million, primarily due to the loss of two customers who dropped Handleman as a supplier. Book sales rose 16% to $ 21.2 million.

For the first nine months ended Jan. 31, Handleman’s net income fell 32% to $ 22.8 million or 68 cents per share on a 6% dip in revenues to $ 816.5 million.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety