A quick look around the just opened Flatbush, Brooklyn location of
Rex Stores, which discontinued its retail operations last summer, still realized $2.7 million in deferred income from extended-service contracts during its fiscal third quarter, the company reported.
The service-plan income was recognized as retail segment revenue, which fell 83.7 percent during the three months, ended Oct. 31, as the company closed its remaining stores.
During the period Florida-based major appliance chain Appliance Direct terminated an agreement for the lease of 15 retail locations, leaving Rex with 38 vacant properties, including one former distribution center, which it is trying to lease or sell.
The company, which is focused on its investments in alternative energy and real estate, reported profits of $2.3 million for the quarter, compared with a net loss of $700,000 for the year-ago period. Net sales rose 64.4 percent to $64.4 million year over year.