NEW YORK -- Mercantile Stores Co. reported operating earnings in the quarter rose 4.3 percent, to $12 million, but special charges reduced the net to $7.9 million, or 21 cents a share.

In the quarter ended April 30, the company, which is based in Fairfield, Ohio, took a $3 million charge for the consolidation of the Joslins division into the Jones Store division. It also took a $1.1 million accounting charge.

A year ago, a $3.1 million gain from accounting changes boosted the net to $14.6 million, or 40 cents a share. Sales in the latest quarter rose 3.5 percent, to $592.5 million from $572.3 million, and comparable-store sales were up 1.1 percent. Mercantile also noted that after July 31, 1995, it will process its private label credit cards internally, terminating an agreement with a Citibank affiliate. Mercantile has a credit processing center in Louisiana that it acquired through its purchase of Maison Blanche in 1992.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus