Duckwall-ALCO Stores Reports Operating Results for First Thirteen Weeks of ...
ABILENE, Kan., June 9, 2011 (GLOBE NEWSWIRE) -- Duckwall-ALCO Stores, Inc. (Nasdaq:DUCK), which specializes in providing a superior selection of essential products for everyday life in small-town America, today announced operating results for its first quarter ended May 1, 2011.Net sales from continuing operations for the first quarter of fiscal 2012 increased $6.1 million, or 5.6%, to $114.6 million, compared to $108.5 million in the first quarter of fiscal 2011. Same-store sales, excluding fuel center sales, increased 3.2%, compared to the same period in the prior fiscal year.
Net loss for the first quarter was $1.9 million, or $0.48 per diluted share, compared to a net loss of $2.3 million, or $0.60 per diluted share, for the first quarter of fiscal 2011.
Richard Wilson, President and CEO, commented, "Our first-quarter results reflect continued improvement in top line sales and mark our second consecutive quarter of positive same-store sales. The merchandising strategies initiated last year to provide ALCO's core customer with better value, a cleaner and more organized shopping environment, and a new mix of product designed to increase average basket size are the main contributors to our improved top line sales performance."
Wilson added, "Our first-quarter net earnings improvement was primarily a result of lower operating expenses including lower payroll and legal expenses. Expense reduction initiatives designed to reduce payroll expense have been effective and management believes that these initiatives will continue to provide better operating results throughout fiscal 2012."
First-quarter gross margin was negatively impacted by increased sales in lower margin food and electronics businesses. The shift in sales to these categories was not offset by commensurate growth in seasonal apparel, and outdoor categories which carry a higher gross margin rate. Unseasonably cool temperatures and regional weather disruptions impacted these more profitable categories. The Company believes as weather returns to a more typical pattern, sales in the higher margin categories will increase and gross margins will improve.
Wilson concluded, "The team at ALCO has executed a significant number of major initiatives over the last 12 months. The foundational work to stabilize same-store sales, lever a reduced expense base and improve shareholder returns is underway and we look forward to delivering more profitable results going forward.
Alco Food Service Equipment - News
Its specialty is delivering those products with the friendly, personal service its customers have come to expect. With 214 ALCO stores, the Company is proud to have continually provided excellent products at good value prices to its customers for 110
In school, Egen was involved in the following activities: Key Club, Food & Fitness Initiative and National Honor Society. She is an active member of 4-H, and outside of school she enjoys volunteering as well as working at Alco Store.
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