House of Fabrics Posts 61% Increase in Profit
House of Fabrics, a national chain of fabric stores based in Sherman Oaks, reported 61% higher profit on 11% higher sales for its first quarter, ended April 30.
First-quarter earnings were $1.2 million, or 18 cents a share, versus $748,000, or 11 cents a share, in the same quarter a year ago. Sales were $71.2 million, up from $64 million a year earlier.
The year-ago figures include $2.9 million in sales from 35 Craft Showcase stores that House of Fabrics has since sold, has closed or is closing. The stores sell crafts items such as embroidery.
Company President Gary L. Larkins attributed the improved showing to better coordination of inventory with sales promotions and to the success of House of Fabrics’ 116 so-called super stores.
House of Fabrics has 741 stores nationwide, more than any other home-sewing retailer.