FINANCE

Duckwall-ALCO Reports 3Q Loss

BY CSA STAFF

Abilene, Kan. Duckwall-ALCO Stores reported that net loss for its third quarter was $1.7 million, which is in line with the net loss of $1.6 million from its third quarter of the prior fiscal year.

Net sales from continuing operations for the third quarter increased 4.7% to $115.5 million, while same-store sales decreased 6.3%. The results were affected by a difficult retail environment, offset by progress in cost reductions and operational improvements by the company.

Gross margin for the third quarter was 32.2%, down from 32.5% in the third quarter of the prior year. The report also said that contributing to the decline were increased markdowns, increased freight costs, lower rebates and new store allowances, offset by continued reduction in shrink and reduced “last in, first out” (LIFO) expense, which is a cost-flow assumption used to value inventories.

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Costco sees slight 3Q comps growth

BY CSA STAFF

ISSAQUAH, Wash. Costco Wholesale reported that net sales for the first quarter of fiscal 2009 increased 4% to $16.04 billion from $15.47 billion during the first quarter of fiscal 2008. On a comparable-warehouse basis, net sales increased 1%.

Net income for the first quarter of fiscal 2009 was $262.5 million, or 60 cents per diluted share, compared to $262 million, or 59 cents per diluted share, during the first quarter of fiscal 2008.

According to Richard Galanti, Chief Financial Officer of Costco, “First quarter 2009 results benefited from very strong gasoline profitability when compared to last year. Results were hurt by a slowdown in non-food discretionary sales and related reductions in margins associated with these sales, primarily in the latter half of the quarter.”

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Fred’s promotes Efird to CEO

BY CSA STAFF

MEMPHIS, Tenn. Fred’s has promoted president Bruce Efird to ceo effective Feb. 1, 2009. Efird, who will retain the title of president and remains a director of the company, will succeed Michael Hayes, who will continue as chairman of the board of directors.

Prior to joining Fred’s, Efird was evp of merchandising for Meijer. Prior to that, Efird held management positions with Bruno’s Supermarkets and Food Lion. 

 

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