HomeBase Reports 4th-Quarter Loss

HomeBase Inc. said stiff competition led to a quarterly loss and a 44% drop in annual earnings, but it plans to regain momentum with a plan to put home furnishings, outdoor furniture and garden supplies in five new stores this year. The Irvine home improvement chain would not say where the new stores would be. The company lost $2 million, or 5 cents a share, for its fiscal fourth quarter, ended Jan. 29, compared with the previous year’s quarterly profit of $414,000, or 1 cent a share. Sales rose 6% to $327 million. For the year, the company earned $12.6 million, or 33 cents a share, compared with $22.4 million, or 54 cents, for the previous year. Annual sales rose 7% to about $1.5 billion. HomeBase shares rose 6 cents to close at $3 on the NYSE.