Heilig-Meyers posts May loss, profit in 1Q
By Furniture Today Staff -- Furniture Today, August 5, 2002
RICHMOND , Va. — RICHMOND , Va. — Heilig-Meyers posted a $79,000 loss in May but earned its first quarterly profit since pre-bankruptcy days.
For the first quarter ended May 31, the company reported net income of $354,000 on sales of $85.8 million. The retailer had a $593,000 profit in March, offset by a $160,000 loss in April and the smaller May loss.
Operating income before reorganization items, delivered sales adjustment and income taxes was $1.02 million for the quarter. Reorganizations item totaled $1.2 million, primarily for professional fees.
Heilig-Meyers, operating under Chapter 11 bankruptcy protection since August 2000, has closed or sold all but its now 65-unit The RoomStore chain led by President Curtis Kimbrell.
While Heilig doesn't break out the results, Kimbrell said The RoomStore has been profitable for 10 consecutive months through June.
"Business was a little softer (in July)," he said. "We made our plan, but it probably was more difficult that is has been in the past."
Kimbrell has projected that RoomStore sales will reach $350 million this year.
