House of Fabrics Earnings Jump 46% in First Quarter

House of Fabrics reported a 46% increase in earnings during its first quarter ended April 30. For the period, earnings were $1.8 million, or 27 cents per share, compared to $1.2 million, or 18 cents a share, in the first quarter last year. Revenue was up 3% to $73.5 million.

Gary Larkins, company president, attributed the earnings improvement to a lower tax rate, better inventory controls and the company’s ongoing program of opening larger retail stores. House of Fabrics, based in Sherman Oaks, operates a chain of 702 stores.