By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Higher demand for LCD, DLP and plasma TVs, as well as increased major appliance sales in the fiscal first quarter at Rex Stores, lifted net sales 6 percent, reaching $89.7 million, up from $84.6 million in the year-ago period. Comp-store sales rose 7 percent.
Net income in the first quarter, ended April 30, increased 49 percent, hitting $6.1 million, compared with $4.1 million in the same three months in 2004. First-quarter net income includes $6 million of pretax income from synthetic fuel limited partnerships, compared with $5.2 million of comparable investment income in the same quarter the prior year.
Rex recorded a 36 percent rise in operating income over the first three months, increasing to $1.7 million from a year-on-year $1.2 million.
“Our sales force did a great job of serving the customer and focusing on products we sell best, like LCD, DLP and plasma televisions, whose price points have fallen to a level that is now attractive to our customer base,” said Stuart Rose, Rex's chairman/CEO.
Late in May, the specialty retailer expanded a previous common stock repurchase authorization by an additional 1 million shares. In the first quarter, Rex purchased about 119,800 shares, and since has purchased 146,300 additional shares. The company has about 1.19 million shares remaining available for purchase.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.