Rex Fiscal 2nd Qtr. Sales Dip 2%, Income Drops

By Jeff Malester On Sep 15 2003 - 6:00am

Chilled by lower year-over-year air conditioner sales in its fiscal second quarter, specialty retailer Rex Stores recorded a 2 percent drop in dollar volume for the three months, ended July 31, down to $91.4 million, from $93.1 million the previous year.

Although comp-store sales were flat in the second quarter, Rex said comps would have climbed 5 percent if air conditioner sales were excluded. The 5 percent figure fits an overall sales trend consistent with results in the first quarter of the current fiscal year, said Rex.

Net income in the second quarter hit $3.2 million, down from the $5.4 million reported in the same three months in 2002.

For the six months, Rex sales were flat, coming in at $186.8 million, compared with $186.6 million in the same period a year ago.

Net income for the first half hit $6.3 million, down from $9.6 million in the same period in 2002.

Net income for the second quarter and first half reflects about $3.1 million and $6.2 million, respectively, of pre-tax investment income from the sale of a partnership interest. As previously reported, the Internal Revenue Service is auditing this limited partnership.

Of these income amounts, about $1.9 million and $3.7 million for the second quarter and first half, respectively, of the payments relating to sales of certain portions of the limited partnership interest due Rex during these periods are being held in escrow pending the IRS results.

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