Guitar Centers Stock Slips

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Guitar Centers Inc. reported a fourth-quarter net loss of $40 million (-$1.36 per share). Over the same period a year ago, the company made a profit of $33.5 million ($1.14).

Sales for the Westlake Village-based music equipment retailer rose 12 percent to $629 million, which was in line with analysts’ expectations.


The company credited the loss to a non-cash impairment charge of $73.2 million ($2.49 per share), related to the write down of goodwill associated with the company’s music and arts division.


Shares in Guitar Centers lost 1.3 percent (65 cents) to close at $47.38 Monday.

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