Cost Cutting Boosts Rocky Mountain 2Q Profit
DURANGO, Colo. (AP) ¿ Rocky Mountain Chocolate Factory Inc., a confectionery products maker, said Tuesday its fiscal second-quarter net income rose 6 percent, boosted by cost cutting.
Profit for the quarter ended Aug. 31 rose to $882,000, or 14 cents per share, from $833,000, or 14 cents per share, last year. There were about 6 million shares outstanding during the quarter compared to 5.98 million a year ago.
Revenue fell 3 percent to $6.1 million from $6.3 million last year. Sales at stores open at least one year, considered a key measure of a retailer's financial strength, fell 4.8 percent.
Total costs and expenses fell 5 percent to $4.7 million.Shares fell 8 cents to $8.94 during midday trading.
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