Rowe notes 3Q sales increase
By Furniture Today Staff -- Furniture Today, September 23, 2004
MCLEAN, Va. -- The Rowe Companies, parent of retailer Storehouse and upholstery maker Rowe Furniture, reported a sales jump of 9.2% in its third quarter ended Aug. 29 to $76.6 million, compared with $70.2 million for the comparable 2003 quarter.
Including $18,000 in net income from discontinued operations, Rowe’s profits in the quarter were $507,000, compared with a net loss of $177,000 a year ago. The year-earlier period included a $70,000 net loss from discontinued operations.
Chairman and President Gerald Birnbach said, “Same-store sales growth at our Storehouse unit for the quarter was 9%. Total sales increased 13.6% in our retail unit, and 5.1% in our manufacturing unit.”
For the nine months, sales increased 10.6% to $223.3 million from $201.9 million in the same period in 2003. Rowe said the increase was led by a 16.8% rise in retail sales.
Profits in the first three quarters were $1.3 million, including a $139,000 net loss from discontinued operations. The net loss in the year-ago period was $86,000, including a $125,000 pretax charge for retail restructuring and other charges, $1.1 million in earnings from discontinued operations, a $712,000 income tax benefit and a $462,000 net gain on the sale of upholstery maker Mitchell Gold.
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Rowe Companies sales rise 11.6% in 2nd quarter
Jul 11, 2004 -
Rowe sales rise 11.6% in 2Q
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Rowe 1Q sales up 11% to $70.7M
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