JACOBSON STORES LOSES $2.8M IN 3RD QUARTER
JACKSON, Mich. — Jacobson Stores Inc. lost $2.8 million in the third quarter against a loss of $2.3 million a year earlier after a special after-tax gain of $693,000 on the sale of property.
In the quarter ended Oct. 26, sales rose 3.4 percent to $90.8 million from $87.8 million, while same-store sales eased 1.5 percent.
P. Gerald Mills, chairman and chief executive officer, said in a statement that considering last year’s special gain, third-quarter results demonstrated a slight improvement, aided by tightened expense controls.
For the nine months, the company lost $7.7 million compared with $7.4 million lost last year. Sales gained 3.6 percent to $291.3 million from $281.2 million, with same-store sales down 0.8 percent.
The company noted it will discontinue quarterly dividends, effective this quarter. Jacobson has been paying 12.5 cents.