Our return to profitability reflects the commitment, hard work, and ability of our associates to execute our strategy.
Net income for the fourth quarter improved $4.1 million to $16.5 million, a 34% improvement over last year. For fiscal 2011, our bottom line improved by over $33 million to a net income of $2.2 million from a net loss of $31 million in 2010.
Total sales in the fourth quarter decreased 17% to $193 million as our average stores in operations also declined 17%. Our Comp store sales for the quarter were down 1% compared to last year.
Now let me touch on our performance by category for the fourth quarter. Video comp sales decreased 3%, and Video represented 43% of our business during the quarter versus 44 last year.. Music comps declined 10%. The music category represented 30% of our business for the quarter, compared to 33 last year. Electronics comp increased 23%, electronics sales represent 11% of our total business for the quarter compared to 8% last year.Trend comp increased 26%. Trended sales represented 10% of our business for the quarter compared to 8% last year. Video game comps were down 13%, game sales represented 6% of our business for the quarter, compared to 7% last year. During the quarter we carried games in 110 stores.Tom will now take you through financial highlights for the quarter and the year. Tom?Tom SeaverThanks Bob, good morning everyone. I’ll first address our quarterly results, and then I’ll discuss the year results. As Bob mentioned, our net income for the quarter improved $4.1 million to $16.5 million or $0.51 per diluted share, a 34% improvement over last year’s net income of $12.4 million or $0.38 per share.EBITDA improved $800,000 for the quarter to $18.7 million, a 5% improvement over last year’s EBITDA $17.9 million.
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