Martin Lawrence Limited Editions Inc., a Van Nuys-based operator of art galleries, said its fiscal third quarter ended Sept. 30 will show a profit decline of up to 48% because of softness in the art market.
The company estimated that its earnings per share for the quarter will be between 12 and 16 cents, down from 23 cents a year earlier. Martin Lawrence also said its sales, helped by the opening of new stores, should be up between 1% and 6%. But sales at the stores open both in the latest quarter and a year earlier plunged 35% to 40%, the company said.
