Earnings Briefs

Dayton, Ohio — Specialty retailer Rex Stores reported sales of $95.7 million in its third fiscal quarter, ending Oct. 31, down about 11 percent from the $107.3 million recorded in the year-ago period. Comp-store sales dropped 8 percent in the three months. Net income in the third quarter hit $4.3 million, edging downward from the $4.4 million reported in the same three months last year. Net income in the third quarter reflects about $3.9 million of pre-tax revenue from limited partnerships. For the nine months, Rex sales decreased about 10 percent, reaching $282.3 million, compared with $312.7 million in the same three months in 2001. Comp-store sales dipped 7 percent. Net income for the nine months increased 21 percent, to $13.8 million, up from $11.4 million year-on-year. Income for the nine months reflects about $13.5 million of pre-tax revenue, also from limited partnerships.

San Jose, Calif. — TiVo fiscal third quarter revenue, monies from service and technology, increased 139 percent, hitting $12.7 million, up from $5.3 million in the year-ago period. At the same time, TiVo, the creator of television services for digital video recording, substantially reduced its net loss in the third quarter, to $11.5 million, compared with a net loss of $34.5 million in the same period in 2001. TiVo added 46,000 net new subscribers in the fiscal third quarter, ending Oct. 31, up 80 percent year-on-year, bringing its total subscriber base to about 510,000. Looking to the fourth quarter, TiVo expects $11.4 million to $11.8 million in service and technology revenue, with an operating loss of $15.5 million to $17.4 million. Net subscriber growth is pegged at 120,000 to 130,000.

Tokyo — Although Sanyo Electric consolidated revenue edged upward 1.3 percent in its fiscal first half, reaching $8.5 billion, from $8.4 billion in the first six months of 2001, net income dropped 61.5 percent in the same period, to $20.1 million, compared with $52.4 million in the year-ago period. Helped by cost-cutting, consolidated operating income in the six months, ended Sept. 30, increased 3.6 percent, to $274 million, up from $265.6 million in the first half of fiscal 2001. The Japanese CE maker enjoyed a slight increase in growth at its audio-visual, information and communication division, bolstered by sales of digital cameras, with a 0.2 percent year-over-year rise in revenue, to $3.4 billion. With the global economy to remain slow in the second half, Sanyo slashed its full-year forecast to consolidated net income of $65.5 million for the 12 months, ending March 31, 2003, on sales of $17.1 billion. Sanyo had expected net income of $204.8 million, and unchanged revenue.

Natick, Mass. — Sales at warehouse retailer BJ's Wholesale Club increased 11 percent in its fiscal third quarter, hitting $1.4 billion, up from $1.2 billion in the year-ago period. Comp-store sales dipped 0.1 percent in the same three months. BJ's moved into the black during the third quarter, ended Nov. 2, posting net income of $23.4 million, compared with a net loss of $33.5 million in the third quarter last year. For the nine months, sales increased by 12 percent, hitting $4.1 billion, up from $3.6 billion in the same period last year. Comp-store sales rose 2.3 percent. Net income for the nine months reached $82.4 million, compared with $26 million in the same period a year ago.