NEW YORK--The He-Ro Group cut its first-quarter loss to $274,000, down sharply from a year ago, when a restructuring charge of $16 million bloated the loss to $21.1 million. The 1993 loss also included a $2.4 million charge for the reversal of a tax credit taken earlier. Income from operations in the latest quarter ended Aug. 31 totaled $324,000. In the year-ago period, after the restructuring charge, He-Ro reported an operating loss of $18 million. The company attributed the improved operating results to restructuring efforts and lower operating expense. Sales for the quarter ended Aug. 31 dropped 58.3 percent to $14.5 million from $34.8 million, reflecting the discontinuance of all its divisions except for its core eveningwear and special-occasion businesses and retail outlets in the restructuring started in October 1993.
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