BROADWAY OPERATING NET IN BLACK
NEW YORK — Broadway Stores Inc., Los Angeles, reported operating earnings of $7.1 million in the third quarter against an operating loss of $5.3 million.
After interest expenses of $25.1 million, the net loss was $18.4 million versus a $25.1 million loss after interest costs of $19.8 million.
Sales edged up 1.1 percent to $474.9 million, and rose 3.9 percent on a same-store basis. Edward Johnson, Johnson Redbook Service, said remodelings and better merchandising should boost 1995 results, but this may not offset higher interest costs resulting from rising interest rates.
In the nine months, the net loss was cut to $49.3 million from $77.9 million, which included $25 million in nonrecurring costs. Sales dipped 1.7 percent to $1.36 billion, but same-store sales gained 3.2 percent.
— Fairchild News Service