Barbeques Galore Hot
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Barbeques Galore Ltd. reported strong gains in second-quarter net income as revenue increase nearly 11%.
The Irvine company, which operates a chain of specialty retail stores devoted to barbecues, fireside products and related accessories, posted net income of $788,000, or 17 cents a share, for the three months, up from $120,000, or 3 cents a share, for the second quarter last year. Revenue rose to $33.6 million from $30.3 million
Sales at stores open at least a year--a key industry indicator--increased 12.7% at the company’s U.S. locations and 1.6% at its stores in Australia.
The company warned that the economic turmoil in Asia and Russia has resulted in a devalued Australian dollar, which could depress financial results in the third and fourth quarters.
The company completed its initial public stock offering in November 1997.
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