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Rex Reports Higher Earnings

4/02/2008 04:05:00 PM Eastern

Dayton, Ohio — Multi-regional white- and brown-goods retailer Rex Stores reported significantly higher earnings for its fiscal fourth quarter and full year, aided by its investments in ethanol businesses and the closure last year of 78 underperforming stores.

Net income for the three-month period ended Jan. 31 rose 63 percent to $5.9 million, while net revenue was flat at $71.4 million. Same store sales gained 2.4 percent year over year.

For the full year, net income increased 197 percent to $33.9 million, while net revenue fell nearly 5 percent to $235.7 million. Same store sales declined 6.7 percent year over year.

The company, which has interests in four ethanol entities, was operating 115 retail stores in 34 states at the close of its fiscal year.

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