PAUL HARRIS PROFITS INCREASE 3.9% FOR FOURTH QUARTER
NEW YORK — Boosted by a strong Christmas season, specialty retailer Paul Harris Stores Inc. reported fourth-quarter earnings were up 3.9 percent to $4.2 million, or 42 cents a share, from $4.1 million, or 41 cents a year ago.
Sales for the three months ended Feb. 3 rose 10.8 percent to $59.3 million from $58.7 million, while same-store sales slipped 3 percent.
“In the face of a challenging retail climate and dismal January weather that held down sales, our strong fourth-quarter performance was particularly encouraging,” Charlotte G. Fischer, chairman and chief executive officer, said in a statement. “Our holiday sales were very strong.”
Fischer said she expects the challenging retail climate to continue.
“However, we will continue to pursue further operating efficiencies and lower-cost purchasing,” she added.
For the full year, earnings sank 47.1 percent to $1.6 million, or 16 cents a share, from $3.1 million, or 31 cents a year ago. Sales dipped 0.2 percent to $167.5 million from $167.7 million, and same-store sales were off 7 percent.
Paul Harris paid off about $4.3 million of its Chapter 11 debt during 1995. The company emerged from Chapter 11 in August 1992. — Fairchild News Service