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He-Ro Loses $3.6Million in Period

NEW YORK -- Hurt by continued restructuring, The He-Ro Group reported losses widened in the third quarter on a steep sales decline. In the quarter ended Feb. 28, He-Ro posted a net loss of $3.6 million against a loss of $2.2 million a year earlier....

NEW YORK — Hurt by continued restructuring, The He-Ro Group reported losses widened in the third quarter on a steep sales decline. In the quarter ended Feb. 28, He-Ro posted a net loss of $3.6 million against a loss of $2.2 million a year earlier. Sales slumped 62.4 percent, to $10.9 million from $29.1 million.

In the nine months, after a $17 million restructuring charge, the loss totaled $26.5 million. A year ago, the company posted a loss of $1.1 million.Sales in the nine months tumbled 43.7 percent, to $71.3 million from $126.7 million.

The company attributed the sales and earnings decline to the closing of discontinued divisions in October 1993, as part of the restructuring.