QUARTER EARNINGS FALL 63.6% AT JACOBSONS; SALES OFF 1.6%
NEW YORK — Jacobson’s Stores Inc. reported fourth-quarter earnings sank 63.6 percent to $3.2 million, or 55 cents a share, from $8.8 million, or $1.53, a year ago.
The retailer said the latest quarter was hurt by a pretax LIFO charge of $5.6 million. Sales dipped 1.6 percent to $133.1 million from $135.2 million.
“While Jacobson’s was affected by the general softness of the retail apparel business, we succeeded in strengthening our niche in the retail marketplace, evidenced by a strong sales trend in Florida and in several of our Midwest locations,” said a statement from Mark K. Rosenfeld, chairman and chief executive officer of the Jackson Mich.-based company.
For the full year, Jacobson’s reported a loss of $4.2 million, against earnings of $4.1 million, or 71 cents. The latest year includes a $1.1 million gain on the sale of property, partially offsetting the LIFO charge. The year-ago figure includes a $504,000 property sale gain.
Jacobson’s operates 27 stores in Michigan, Ohio, Indiana, Kansas, Kentucky and Florida.
— Fairchild News Service