Acquisition Boosts First Quarter DM Sales for Guitar Center
Guitar Center Inc., parent company of the Musician’s Friend catalog, reported yesterday that first quarter direct response sales increased 18.4% to $116.4 million, due largely to its Feb. 9 acquisition of the DM business and assets of Woodwind & Basswind, including associated Web sites.
Woodwind & Basswind accounted for more than half its increase in direct marketing sales. Net direct response sales of its existing Musician’s Friend business increased 9.1% in the first quarter, compared to the first quarter last year.
Woodwind & Basswind was purchased by Guitar Center for approximately $29.9 million as part of court approved bankruptcy settlement. Woodwind & Basswind filed for bankruptcy protection in Indiana on Nov. 26, 2006
The integration of Woodwind & Basswind and a new fulfillment center are proceeding in line with Guitar Center’s plans, according to Erick Mason, executive vice president and CFO
