Wednesday Morning Earnings Roundup
New York City, Tiffany & Co. reported net earnings growth of 37% to $23.8 million in the third quarter. Sales increased 8% to $500.1 million on U.S. same-store sales growth of 7%.
• The Dress Barn Inc. grew its net earnings 187% to $20.4 million in its fiscal first quarter ended Oct. 29. Sales increased 62% to $318.9 million on same-store sales growth of 9%.
• Gottschalks Inc. posted a net loss of $1.6 million in the third quarter, as compared to a $1.5 million net loss in the year-ago period. Total sales increased 2.3% to $151.3 million despite a same-store sales decline of 0.5%.
• Rex Stores Corp. more than doubled its third-quarter net income to $6.9 million from $3.4 million the year before. Sales rose 4.2% to $94.3 million on same-store sales growth of 4.6%.
GameStop Has Tough 3Q
Grapevine, Texas, GameStop Corp. reported a net loss of $2.5 million in the third quarter, which includes $18.8 million in expenses related to the retailer’s merger with Electronics Boutique. That compares with net earnings of $12.1 million in the year-ago period.
Sales for the third quarter grew 28.2% to $534.2 million despite a 12% decline in same-store sales.