The company said it expects net income of approximately $17.4 million, or 51 cents per diluted share, for the third fiscal quarter of 2013, compared with net income of $22.5 million, or 60 cents per diluted share, for the comparable prior year period.
Total earnings were hurt by lower than expected sales of video electronics, the company said.
“Fundamental shifts across the video category continued to pressure our business during our third fiscal quarter, and we were disappointed in our video performance,” Dennis May, president and CEO said. “Declining industry demand for flat screen televisions along with broadened distribution of large-screen televisions negatively impacted overall store traffic and video category sales.”
May added: “Our appliance business, which is now our largest product category, along with our computing and mobile phones category continue to perform well. We are pleased with the results of our initiatives to drive continued market share gains in the appliance category, resulting in our sixth consecutive quarter of appliance comparable store sales increases.”
The company now anticipates that annual net income per diluted share will be within a range of 70 cent to 80 cent range for fiscal 2013. This compares to previous guidance of 90 cents to $1.05 for the fiscal year.
The company operates stores throughout Southwest Ohio.