STRAWBRIDGE PROFITS INCREASE IN QUARTER
PHILADELPHIA — Strawbridge & Clothier Inc. said earnings improved substantially in the third quarter ended Oct. 29.
In addition, the retailer, which operates 13 Strawbridge & Clothier and 25 Clover department stores in the Delaware Valley area, announced a $36 million store expansion program for 1995, including three new stores and three major remodelings.
Earnings in the quarter were $525,000, or 5 cents a share, up from $69,000, or 1 cent, a year earlier. Sales inched ahead 1.3 percent to $226.6 million from $223.6 million.
In the nine months, the retailer reported a loss of $218,000, an improvement from a loss of $5.6 million a year earlier. Sales improved 1.9 percent to $657.8 million from $645.8 million in the nine-month period.
The company said gross margins grew to 25.8 percent of sales from 25.4 percent. Selling, general and administrative expenses were trimmed to 19.2 percent of sales from 19.5 percent as a result of expense controls.
As part of its expansion, Strawbridge plans to open two Clover department stores in Philadelphia and New Castle County, Del., and one Strawbridge & Clothier home furnishings store in New Castle County. It plans to remodel two Pennsylvania stores, in Whitpain Township and at the Concord Mall in New Castle County, and expand a Rising Sun Clover store in Philadelphia.
— Fairchild News Service