ABILENE, Kan. (AP) ¿ Discount store operator Duckwall-ALCO Stores Inc. reported a loss in its fiscal fourth quarter due to a charge for transforming its stores and a decline in sales at established locations.
After the market closed Thursday, the company said it had a loss of $715,000, or 19 cents per share, compared with a profit of $1.1 million, or 27 cents per share in the prior year quarter.
The company said excluding discontinued operations, it had a loss of 17 cents per share in the quarter ended Feb. 1.
Duckwall-ALCO said its results were affected by a charge of $1.3 million for its store transformation project ¿ the company's plan to cut operating costs and improve store-level efficiencies.Revenue fell 5 percent to $140.1 million from $147.1 million. Same-store sales, or sales at stores open at least a year, fell 3.3 percent, excluding the company's two fuel centers. Customer counts, meanwhile, fell nearly 14 percent at stores open at least a year. For the year, the company reported a loss of $5 million, or $1.30 per share, compared with a loss of $224,000, or 5 cents per share in the prior year. Revenue rose to $490 million from $481.8 million. Shares were unchanged at $10 in morning trading.