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Rex Stores Fiscal Q1 Sales Dip 2%

6/11/2001 02:00:00 AM Eastern

DAYTON, OHIO — Battered by a 13 percent decrease in comp-store sales in its fiscal first quarter, Rex Stores reported about a 2 percent decrease in overall sales to $104.2 million, down from $107.2 million in the year-ago three months.

The consumer electronics and major appliances retailer recorded a net income of $3.1 million in the quarter ended April 30, down slightly from the $3.2 million reported in the year-ago three months.

Rex includes a location in its comp-store sales tally only after it has been open six full fiscal quarters, and comp-store numbers don't include sales of extended service contracts.

"Despite the challenging consumer electronics retail environment, Rex improved its gross margins during the first quarter through cost controls and a more favorable sales mix," said Stuart Rose, chairman and CEO.

Rex said it purchased 433,200 shares of its common stock during the fiscal first quarter, as well as 40,000 shares subsequent to the close of the quarter, bringing the total number of shares repurchased since January 2000 to 4.3 million.

As of April 30, the retailer operated 264 stores in 37 states.

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