Boasting of improved operating fundamentals during its fiscal third quarter — mainly improved gross margin and income from operations — Rex Stores also reported a 1 percent increase in net sales during this period.
Net sales were $106.6 million, up from $105.1 million in the same quarter of last year. Comp-store sales fell 3 percent.
Gross margin in the third quarter rose 140 basis points, to 28.5 percent, from 27.1 percent in the same quarter in 2000. Income from operations climbed 14 percent to $3.9 million, up from $3.4 million in the year-ago period, while net income soared 55 percent to $4.4 million, compared with $2.9 million in the third quarter of 2000.
For the nine months, gross margin increased by 90 basis points, to 28.3 percent, from 27.4 percent in the comparable period last year. Net income jumped 14 percent, reaching $11.4 million, up from $10.1 million in the same nine months last year. Net sales for the nine months dropped slightly, to $310.6 million, down from $313.9 million in the same nine months in 2000. Comp-store sales fell 8 percent.