Rex Q2 Sales Fall Amid Retail Exit
By Alan Wolf -- TWICE, 9/10/2009
Dayton, Ohio - Rex Stores reported a 49 percent decline in net sales, to $21.5 million, and a 33 percent drop in net income, to $800,000, during its second fiscal quarter, ended July 31.
The period is the last to include the results of Rex's retail operations. The company closed the last of its remaining stores in July, although it continues to own or lease 27 storefronts and two warehouses. Eighteen of the storefronts are leased or sub-leased to Florida white-goods chain Appliance Direct.
Rex will also continue to recognize deferred income from service contracts.
During the quarter retail sales fell 75 percent to $4.3 million while retail profits soared more than 300 percent to $2.2 million.
Going forward, the company will continue to focus on its investments in alternative energy and real estate, and will try to lease or sell its vacant storefronts and warehouses.
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