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Wednesday, Jun 7, 2023

Guitar Center Reports Third Quarter

Guitar Center Inc. today reported net income increased 16.1 percent to $14.4 million or $0.51 per diluted share on revenues of $421.1 million for the third quarter ended Sept. 30. For the comparable period last year, Guitar Center earned $12.4 million or $0.45 per share on revenues of $354.9 million. On a comparable store basis, Guitar Center store sales increased 7 percent in the same period. “Our bottom line results for the quarter excluding the charge related to our new long-term incentive plan exceeded our expectations,” said Bruce Ross, CFO of the Westlake Village-based company. Guitar Center stock shares plummeted in afternoon trading following the announcement. Shares fell nearly 18 percent to $50.17.

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