Consumer electronics retailer
Tweeter Home Entertainment
Tuesday offered first-quarter earnings guidance well below the consensus estimate, blaming weak holiday sales.
The Canton, Mass.-based company said it expects earnings of 16 cents to 20 cents a share for the quarter. The consensus estimate is 22 cents a share, according to Thomson First Call.
"The holiday selling season started very strong as we experienced a record breaking Thanksgiving weekend, but results weakened as December progressed," the company said in a statement.
The company said revenue increased 2% to $255 million during the period, but same-store sales fell 1%. On Jan. 27 Tweeter will report earnings for its fiscal first quarter, which ended Dec. 31.
In particular, the company blamed sales of flat panel televisions, saying gross margins were less than it planned.
Tweeter specializes in mid- to high-end audio and video consumer electronics products.
Shares gained 4 cents to $9.02 Monday.