LOEHMANN’S HITS BLACK
NEW YORK — Loehmann’s Holdings Inc. managed to eke a third-quarter profit during what has been a difficult retail environment, but the result was substantially lower than year-ago results.
For the quarter ended Nov. 3, income was $2.8 million, or 83 cents a diluted share, compared with $41.6 million in the year-ago period. Loehmann’s exited Chapter 11 bankruptcy proceedings on Oct. 10, 2000, and comparable year-ago earnings-per-share results were not immediately available. Excluding nonrecurring items, such as a gain on the discharge of debt, income in last year’s quarter was $7 million. The decrease in income for the current quarter was partially attributable to both an increase in interest expense to $800,000 from last year’s $100,000 and an increase in income taxes to $1.8 million from $18,000 last year. Sales for the quarter were down 6 percent to $83.6 million from $88.6 million.
For the nine months, income was $3.9 million, or $1.15 a share, versus $31 million last year. Excluding one-time items, income last year was $7 million. Sales declined 5.3 percent to $238.3 million from $251.6 million.