NEW YORK — Gross margin gains coupled with lower expenses allowed ShopKo Stores Inc. to return to profitability in the third quarter.
For the three months ended Nov. 2, the Green Bay, Wis.-based regional discounter posted net income of $877,000, or 3 cents a diluted share. That compares with last year when the company sustained a net loss of $5.2 million, or 18 cents. Earnings per share beat the Wall Street forecast by 3 cents. Excluding goodwill and other intangibles charges in the year-ago period, ShopKo’s net loss last year would have been a more modest $3.9 million, or 14 cents.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)