LOS ANGELES -- Carter Hawley Hale Stores reported a net loss of $18 million in the fourth quarter, and a loss of $95.9 million in the year ended Jan. 29. There were special charges in both periods.

In the year-ago quarter, the company posted a profit of $27.8 million, or 79 cents a share.

Earnings in the latest quarter before interest and taxes (EBIT) totaled $30 million. However, there were one-time charges of $20 million. A year ago, EBIT was $66.9 million.

Sales dipped 3.4 percent to $705.6 million, from $732.5 million.

In the year, EBIT was $33.9 million before $45 million in special charges. A year earlier, EBIT was $70.9 million. Net earnings in 1992 totaled $1.2 billion, including a noncash gain of $884.1 million from reorganization, a special gain of $304.4 million on debt forgiveness and an $18.8 million gain from accounting changes. Sales declined 2.1 percent to $2.09 billion, from $2.13 billion.

David L. Dworkin, president and chief executive officer, said the company took what should be the last of its restructuring charges in the fourth quarter. These included heavy markdowns to exit noncore product categories, one-time charges from personnel cuts in its Los Angeles distribution center and write-offs from the earthquake. Dworkin said financial and operating structure improved in 1993 and the company expects gains both in EBIT and net income.

Carter Hawley Hale operates 83 department stores under the names The Broadway, Emporium and Weinstocks.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus