CALDOR TRIMS ONGOING LOSS IN 1ST PERIOD
NEW YORK — Caldor Corp. reduced its operating loss in the first quarter to $17.3 million from a $19.7 million loss in the year-ago period, while comparable store sales increased 4.5 percent.
The Norwalk, Conn.-based discounter said it had a loss of $4.5 million in earnings before interest, taxes, depreciation, amortization and reorganization for the quarter ended May 2, compared with a loss of $4.7 million in the year-earlier period.
The regional discounter is discussing its plan of reorganization with its creditor groups and hopes to emerge from Chapter 11 by the end of the year. Caldor filed for bankruptcy protection in September 1995.
Caldor also reduced its loss for the three months to $31 million from a loss of $36.3 million last year. In the period, Caldor cut its reorganization expenses to $3.2 million from last year’s $6.3 million.
Sales for the first quarter inched up 0.7 percent to $529 million.
Warren D. Feldberg, chairman and chief executive officer, said in a statement Tuesday that the “results exceed our internal targets and reflect the positive customer response we have received to our new marketing and merchandising initiatives implemented under our five-year business plan.”
As reported, Caldor has worked to be more in stock on key items and has focused its spring apparel on tie-dyed shirts, short-shorts and sandals priced under $10. The discounter expects apparel in bright hues of lime green, lemon yellow, hot pink and turquoise blue to be the summer hits.