Gottschalks on Discrepancy: $400K Change Not Unusual
NEW YORK — Gottschalks Inc. on Monday said no single item accounted for the approximately $400,000 greater loss the company reported in its audited fourth-quarter and yearend results and that the discrepancy from the previously issued unaudited...
NEW YORK — Gottschalks Inc. on Monday said no single item accounted for the approximately $400,000 greater loss the company reported in its audited fourth-quarter and yearend results and that the discrepancy from the previously issued unaudited figures was not unusual.
As reported, late Friday the Fresno, Calif.-based department store chain released its audited fourth-quarter and full-year financial results, which showed that its losses for both periods ended Feb. 1 were about $400,000 deeper than the company had reported in its initial March earnings statement. The company’s audited 10-K filing with the Securities and Exchange Commission showed that costs of sales for the year were an audited $457.1 million, higher than the unaudited report of $456.5 million. As a result, Gottschalks’ net loss for the fourth quarter was actually $4.6 million, or 36 cents a share, and the loss for the year was $12 million, or 94 cents a share. In March, the retailer reported an unaudited fourth-quarter loss of $4.2 million, 33 cents a share, and an annual loss of $11.6 million, or 91 cents a share.
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