Guitar Center Profit Gets Boost From Expected Tariff Refund

Guitar Center Inc.expects to receive about $16 million in tariff refunds, providing a boost to the music retailer’s finances after some import duties were lifted, according to people familiar with the matter.

The company has received $2.6 million so far, though that payment arrived after the end of its first quarter, said the people, who asked not to be identified discussing private information.

Profit rose to about $36.7 million in the quarter, up from $27.5 million a year earlier. Easing tariffs contributed roughly $3 million to the increase, the people said.

Revenue climbed 5.2% to $635 million from $603.5 ...