Inside This Issue - News
Duckwall-ALCO’s CEO ‘encouraged’
April 18th, 2011
ABILENE, Kan. – The small town–focused regional discount chain Duckwall-ALCO Stores Inc. reported an uptick in sales in the fourth quarter ended January 30.
Net sales from continuing operations for the quarter increased 4.4% to $136.9 million. Same-store sales (excluding fuel center sales) increased 1.8%.
Net earnings for the 2011 fourth quarter, however, were $0.7 million, compared to $1.4 million for the fourth quarter of fiscal 2010. The company recorded a charge for discontinued operations of about $1.1 million, net of tax benefit, which was mainly related to the previously announced closing of its Duckwall stores.
The fourth quarter sales results provided an upbeat end to what had been a challenging year.
Net sales from continuing operations for fiscal 2011 decreased 0.6% to $465.2 million, and same-store sales decreased 2.4%. The fiscal year net loss was $4.6 million, in contrast to net earnings of $2.8 million for fiscal 2010. The 2011 fiscal year net loss from continuing operations was $3.6 million, in contrast to earnings from continuing operations of $2.2 million in the preceding fiscal year.
"As evidenced by the year-over-year earnings improvement from continuing operations in the fourth quarter, we believe this quarter was one of those stepping-off points where we have the sense of accomplishing many things, are starting to see the results of our efforts and are well positioned for the future," Duckwall-ALCO president and chief executive officer Richard Wilson said. "We are particularly encouraged by the continued growth of our same-store sales into the first two months of the 2012 fiscal year."