Guitar Center’s Profit Rises on Higher Sales

Guitar Center Inc., one of the largest U.S. guitar retailers, said second-quarter profit grew 4% on higher same-store sales.

Profit for the quarter ended June 30 totaled $13.4 million, or 47 cents a share, compared with a profit of $12.9 million, or 46 cents, during the same period last year, the Westlake Village company said.

Results include a stock-option expense under the company’s long-term incentive plan of 4 cents a share, another stock-option expense of 6 cents a share and a 2-cent tax benefit.

Revenue grew 14% to $458 million, from $402.3 million last year.

Same-store sales, or sales at stores open at least a year -- a widely used industry gauge of performance -- grew 5.1%. Its direct-response sales at its Musician’s Friend website grew 10.7%. Music & Arts division sales grew 28.9%.