House of Fabrics Rebounds to Show Profit for Quarter
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House of Fabrics said it earned $115,000 in its second quarter ended July 31, rebounding from a loss of $621,000 in the same quarter a year earlier. Sales rose 17%, to $69.3 million.
Per share, earnings were 2 cents against a loss of 9 cents a year ago.
Company President Gary L. Larkins attributed the improved showing to more sales promotions and continued strength at House of Fabrics’ large “super stores.” He noted that the second quarter is traditionally slow for the company, which depends on Christmas for much of its business.
The Sherman Oaks-based company said net income for the first half of its fiscal year rose to $1.3 million, or 20 cents a share, from $127,000, or 2 cents a share, a year earlier. Sales were a record $140.5 million, up 14%.
House of Fabrics is the nation’s largest retailer of sewing supplies for the home, with 721 outlets.
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