Shares in Guitar Centers Inc. surged Monday after the company reported growth in both sales and profit.
Guitar Center reported first-quarter net income of $17 million (57 cents per share), up 6 percent from $16 million (55 cents) from the same period a years earlier.
Sales for the Westlake Village music equipment retailer increased 14 percent to $535 million. The company attributed the increase largely to new store openings and strong instrument sales.
Guitar Center closed up 17 cents to $45.36 Monday on the Nasdaq, and gained another $3.64, or 8 percent, to $49 in after-hours trading.
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