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Rex Stores Q3 Sales Rise 1%

11/29/2001 10:02:00 AM Eastern

Dayton, Ohio - Rex Stores reported a 1 percent increase in net sales during its third quarter, to $106.6 million, up from $105.1 million in the same quarter of last year, while net income inched climbed 14 percent.

Comparable store sales fell 3 percent during this period.

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.