Guitar Center’s net income rises

Musical instrument retailer Guitar Center Inc. posted a better-than-expected quarterly profit as sales rose.

First-quarter net income totaled $17.2 million, or 57 cents a share, up from $15.7 million, or 55 cents, a year earlier. Sales climbed 13.5% to $534.5 million.

Analysts on average had expected the Westlake Village-based company to earn 49 cents a share on $525.4 million in sales, according to Reuters Estimates.

Sales at Guitar Center stores climbed 11% to $339.3 million during the quarter.

Guitar Center said it expected second-quarter earnings to range from 35 cents to 41 cents a share on sales of $520 million to $535 million.

The company expects full-year earnings to be $2.52 to $2.71 a share on sales of $2.3 billion to $2.4 billion.

Shares of Guitar Center rose 17 cents to $45.36.