EARNINGS : Ames Store Chain Reports Loss
Ames Department Stores Inc. today reported a second-quarter loss of $152.5 million, but store officials said the loss before non-recurring charges was significantly smaller than expected.
The loss for the discount store chain, which filed for protection under Chapter 11 of the U.S. Bankruptcy Code in April, was $4.15 per share. The store lost $11.1 million, or 38 cents a share, in 1989’s second quarter.
Ames said this year’s second-quarter loss reflected $73.1 million in non-recurring charges, including adjustment in amounts of accounts payable during the bankruptcy claims filing process, a reserve for inventory markdowns and a writedown of certain management information systems installed as part of the Zayres store consolidation.
Ames reported total sales for the quarter of $563.3 million, a 33% decline from last year’s adjusted total.
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