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CALIFORNIA | BRIEFLY: RETAILING

CompUSA Reports 3rd-Quarter Loss

May 06, 1999| Bloomberg News

CompUSA Inc., the nation's largest retailer of personal computers, posted a fiscal third-quarter loss amid lower computer prices and weak sales. The loss was $4.9 million, or 5 cents a share, matching lowered expectations, contrasted with net income of $25.4 million, or 27 cents, a year ago. The retailer said it marked down prices further during the quarter because of weak demand, which hurt profit. Revenue rose 16% to $1.69 billion, but sales at stores open at least a year fell 7.2%. CompUSA also said it's exploring the possibility of taking its Internet computer-selling business public. CompUSA, which has been struggling with competition from other retailers, direct sellers and those that sell via the Internet, warned in March that it would post losses in both its third and fourth quarters. Analysts were expecting earnings of about 21 cents in the third quarter before CompUSA issued its warning. The company announced its results after the close of trading. Shares of Dallas-based CompUSA fell 25 cents to close at $7.13 on the NYSE.

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