CROWLEY MILNER REPORTS PROFIT RISE OF 31.1% IN PERIOD
NEW YORK — Crowley Milner & Co. reported earnings jumped 31.1 percent in the fourth quarter ended Jan. 28 as a result of higher gross margins and lower operating costs.
The department store operator earned $3.6 million, or $3.02 a share, up from $2.8 million, or $2.27, a year earlier. Sales dipped 0.3 percent to $35 million from $35.1 million.
In the year, profits doubled to $1.03 million, or 85 cents, from $513,717, or 45 cents, a year earlier. Sales gained 2.8 percent to $109.9 million from $106.9 million.
Crowley Milner operates 10 stores in the Detroit area. — Fairchild News Service