Dayton, Ohio, Rex Stores Corp. said Tuesday its fiscal first-quarter profit rose sharply, despite a decline in revenue, helped by income from its synthetic fuel investments.
Net income for the quarter ended April 30 totaled $7.5 million from a profit of $1.5 million in the year-ago period. Revenue fell 12% to $57.9 million. Same-store sales dropped 10%.
In addition to running electronics stores, the company has invested in synthetic fuel plants and ethanol plants.