Rex Stores Reports 4th-quarter Loss

DAYTON, Ohio (AP) — Rex Stores Corp., which operates a chain of consumer electronics stores and invests in alternative energy, on Wednesday reported a fourth-quarter loss, hurt by a restructuring charge.

Loss for the three months ended Jan. 31 totaled $5.4 million, or 57 cents per share, compared with a profit of $5.9 million, or 52 cents per share last year.

Results include a $4.2 million pretax restructuring charge related to cutting most of its staff at its corporate headquarters, retail stores and distribution facilities and costs related to downsizing retail operations and leasing 37 owned retail locations.

Revenue rose 9 percent to $67.4 million from $62 million a year ago. Retail sales fell 23 percent to $47.6 million.

For the year, net loss totaled $3.3 million, or 32 cents per share, compared with a profit of $33.9 million, or $2.89 per share. Revenue rose 18 percent to $230.6 million from $194.8 million last year.

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