Abilene, Kan. Duckwall-ALCO Stores Inc. said late Thursday it posted a slightly smaller loss in the third quarter, losing $1.4 million in the quarter ended Nov. 1, compared with $1.7 million a year earlier.
The company, which runs retail stores that serve smaller communities, cut operating expenses to improve its results even as sales fell, according to CEO Larry Zigerelli.
Revenue fell 2.9% in the quarter to $111.5 million from $114.9 million. Same-store sales fell 1.7%.
For the first nine months of fiscal 2010, Duckwall-ALCO reported a $5.8 million improvement in net earnings.
Zigerelli said, “We have made substantial progress in upgrading our merchandising, marketing and store operations programs, and are changing our culture in the continued face of a very tough economy. The holiday season is off to a good start, and we remain cautiously optimistic. Our turnaround is not complete by any means, but we continue to track with plans for store transformation and improving performance."
Duckwall-ALCO operates 257 stores in 23 states.