NEW YORK — ShopKo Stores Inc. posted improved results for the second quarter and first half, even though sales dipped in both periods.
Income for the three months ended Aug. 2 rose 6.9 percent to $7.7 million, or 26 cents a diluted share, from $7.2 million, or 25 cents, in the same year-ago quarter. Total revenues fell 2.4 percent to $767.9 million from $786.6 million, which included a 2.4 percent decline in sales to $764.7 million offset slightly by a 1.3 percent gain in licensed department rental income to $3.2 million. Comparable-store sales fell 2.2 percent in the quarter.
Sam Duncan, president and chief executive officer, said in a statement, “Sales results reflected the challenging retail environment experienced during the second quarter. While ShopKo division sales were soft, inventory remained well-managed. We are pleased with the improving sales and profitability trends at Pamida.”
According to business segment data provided by the discounter, its Pamida nameplate posted a 2.9 percent increase in sales to $205.9 million from $200.1 million in the quarter, with a same-store sales gain of 3.7 percent. The ShopKo division recorded a 4.2 percent decline in sales to $558.8 million from $583.3 million, with a 4.2 percent comp decrease.
The retailer said that it expects same-store sales for the third quarter ending Nov. 1 to be off in the low-single digits, and earnings per share in the range of “breakeven to a loss of 5 cents” per share. For the year ending Jan. 31, ShopKo expects a low-single-digit comp decline with EPS at the low end of previous guidance of between $1.40 and $1.50.
For the six months, income was $6.6 million, or 23 cents, against a loss of $178.4 million, or $6.10, last year. Total revenues decreased by 2.6 percent to $1.47 billion from $1.51 billion.
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