VOXX International falls on lower sales, Q2 loss

VOXX International

11/10/2022 22:17

** Shares of automotive and consumer electronics firm VOXX
International Corp  VOXX.O  down ~11% at $6.42 in extended
trading 
    ** VOXX reports net sales in Q2 fiscal 2023 fell to $125.7
mln from $143.1 mln a year earlier 
    ** Says sales in its automotive electronics segment dropped
18.7% in qtr ended Aug. 31, while consumer electronics sales
slipped 9.2%
    ** VOXX also reports a net loss of $10.2 mln vs a profit of
$0.3 mln last year 
    ** "(During Q2) global economic conditions worsened which
led to a decline in discretionary spending and retailers taking
further action to mitigate risk" - CEO Pat Lavelle 
    ** Co expects to return to profitability in the second half
of the year 
    ** YTD, stock down ~29% as of last close
 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))