Dayton, Ohio, Rex Stores Corp., an electronics and appliances retailer, said Wednesday that second-quarter earnings nearly quadrupled as the company booked a gain from its investment in synthetic-fuels businesses.
Net income in the quarter ended July 31 rose to $5.8 million from $1.5 million in the year-ago period. The latest period included a gain of $2.6 million from the sale of discontinued operations.
Earnings from continuing operations rose to $3.8 million from $1.6 million last year.
Rex also recorded $3.4 million in income from synthetic-fuel investments, up sharply from $723,000 last year. Sales fell to $56.3 million from $63.6 million last year. Same-store sales dropped 12%.