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Rex Posts Q4 Loss, Lower Sales

Dayton, Ohio — Rex Stores, which plans to exit its retail business in fiscal 2009, reported lower net sales in its retail operation for its fourth quarter and fiscal year, ended Jan. 31, and a loss at retail for the fourth quarter.

Rex reported net retail sales of $47.6 million for the quarter, ended Jan. 31, compared with the previous fourth quarter’s unaudited retail sales of $61.9 million. For the year net sales were down to $162.4 million from the prior year’s retail sales of $194.8 million.

Rex recorded a retail loss of $3.9 million for its fiscal fourth quarter, compared with a $3.5 million profit in the prior year. Retail income was down in for the year to $1.12 million, down from the prior year’s $10.4 million.

In February Appliance Direct said the 20-store white-goods chain in central Florida had assumed the leases to 39 Rex Stores and, will pursue 44 more, and will purchase Rex’s Whirlpool inventory and store fixtures. The initial 39 locations include 37 stores that are owned by Rex and two that are leased by the CE and appliance chain.

Corporately, which includes Rex’s alternative energy business, net sales for its fiscal fourth quarter were $67.4 million, up approximately $5.5 million from the prior year. Annual sales for the year were $230.6 million, up around $36 million from the prior fiscal year.

In the fourth quarter Rex reported a $5 million corporate loss from continuing operations vs. a profit of $5.3 million in the prior year’s final quarter. For the fiscal year Rex reported a loss of $2.3 million vs. a profit of $26.4 million in the prior year.