Q2 sales up 48.3 percent for Matrix Fitness Systems
Matrix Fitness Systems, a division of Johnson Health Tech. Co., said second-quarter U.S. sales increased by 48.3 percent over the corresponding 2007 period. Globally, sales grew 41 percent over the same period last year.
"Much of our domestic growth can be attributed to an increase in trade shows we've been attending in 2008, such as the National Apartment Association Conference, Gold's Gym Convention and many other smaller shows," said Chris Clawson, Matrix's president, in a statement. "Participation in these shows and our expanded commercial sales team have helped Matrix penetrate markets we previously had not served."
Clawson added that the company's global growth shows that Matrix's commercial sales and operations teams throughout Asia, Europe, North America and South America continue to gain momentum, and he expects the company's sales to continue growing.
Sears' Q2 profit drops 62 percent
Sears Holdings (Nasdaq: SHLD) reported a 62-percent drop in second-quarter profit as sales slumped, despite a restructuring aimed at drawing back shoppers.
The company said it earned $65 million, or $0.50 per share, in the three-month period ended Aug. 2. That compares with $173 million, or $1.15 per share, in the year-ago period.
The second-quarter 2008 results included the positive impact of the reversal of a $62 million reserve because of the overturning of a Feb. 2, 2007, adverse jury verdict related to the redemption of certain Sears, Roebuck and Co. bonds in 2004.
Excluding the item, earnings per share were $0.21 for the second quarter of 2008.
Revenue declined to $11.76 billion from $12.26 billion in the year-ago period. U.S. same-store sales dropped 6.2 percent.
Sears offered a downbeat outlook, predicting that sales and gross profit margins will likely continue to be pressured for the rest of the year amid a challenging economy. It added that for the full year, earnings before interest, taxes, depreciation and amortization will be comparable to, but no longer exceed, last year's results.
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