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West Chester, Pa., Electronics Boutique today reported fourth-quarter earnings of $38.1 million, or $1.53 per share, vs. $39.4 million, or $1.57 per share, in the prior year. With a charge of $2.7 million, or 11? a share, to change the retailer’s lease accounting, earnings were posted as $40.8 million, or $1.64 per share. Revenue rose 21% to $809 million from $671.5 million in the year-ago period, while comp-store sales rose 3% for the fourth quarter.
For the full fiscal year, earnings were $52.3 million, or $2.13 per share, vs. $45.7 million, or $1.80 per share, last year. Excluding the one-time lease-accounting charge, net income totaled $55 million, or $2.24 per share, while pro forma earnings were $51.2 million, or $2.09 per share, not including the charge and all management fee income.