House of Fabrics said its fiscal fourth-quarter profit rose 9% from a year earlier on a 10% increase in sales.
The Sherman Oaks company, which operates a chain of 653 fabric and sewing-accessories stores, said net income in the quarter that ended Jan. 31 climbed to $4.73 million from $4.33 million, and sales increased to $100.8 million from $91.9 million.
House of Fabrics attributed the gains to its recent restructuring, in which the company phased out many of its smaller mall stores and opened larger, stand-alone outlets. The new stores are more popular because they offer more merchandise and are more convenient for customers, House of Fabrics contends.
For its full fiscal year, House of Fabrics’ profit rose 9% to $11.4 million from $10.5 million, and its annual sales were up 5% to $338 million from $322.5 million.