UPDATE 1-INTERVIEW-Sony says U.S. electronics sales still solid

Wed Mar 5, 2008 5:07pm GMT
 
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(Adds further executive comments, background, byline)

By Franklin Paul

NEW YORK, March 5 (Reuters) - Sony Corp's (6758.T) (SNE.N) electronics sales in the United States have been solid in the first two months of the year, despite concerns about the economy, a senior company executive said on Wednesday.

"We have already had a solid January and February," said Stan Glasgow, president and chief operating officer of Sony Electronics, the Japanese company's $12 billion U.S. unit. Sales were strong for several lines, including flat-screen televisions and digital still and video cameras, he added, speaking on the sidelines of a briefing with reporters in New York.

"Across the board it was pretty good. I wouldn't say great, but good," he said, adding that sales were in line with internal expectations after a record holiday shopping season in which some product lines gained market share.

The resilience of electronics sales counters dour returns for many sectors amid the slowing U.S. economy and a housing slump, an environment that led billionaire investor Warren Buffet to say the U.S. economy is in recession.

Electronics remains a bright spot for Sony, the entertainment conglomerate that is home to everything from Hollywood movies and PlayStation game systems to Vaio PCs. In January, the company posted a small rise in quarterly operating profit and cut its outlook, saying weaker markets were eating into its investments and a firmer yen was hurting overseas sales.

Glasgow attributed the U.S. unit's resilience to Sony's status as a premium brand, which draws demand from shoppers with more money to spend on electronics and for whom problems like home foreclosures are not an issue.   Continued...

 

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