JACOBSON NET RISES IN QUARTER
NEW YORK — Aided by a $5.7 million pre-tax LIFO credit, Jacobson Stores earned $8.8 million, or $1.52 a share, in the fourth quarter, against $5.6 million, or 96 cents, a year earlier with a $663,000 LIFO credit.
Sales in the period ended Jan. 28 inched up 5 percent to $135.2 million from $129.3 million, with flat same-store sales. The company said that even without the LIFO credit, it maintained gross profit margins for the year and reported improved profits in three of four quarters. In the year, earnings after a $4.4 million LIFO credit totaled $4.1 million, or 71 cents a share, against $3.1 million, or 52 cents, including a $181,000 LIFO credit.
Sales rose 1 percent to $409.2 million from $403.8 million. Mark K. Rosenfeld, chairman and chief executive officer of Jacobson’s, said the company was “encouraged by our ability to quickly rebound from the industry-wide softness in the third quarter,” and expects continued improvement in 1995.
Jacobson’s, based in Jackson, Mich., operates 26 stores.