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Hhgregg’s sales down in fourth quarter
Hhgregg president and CEO Dennis May said severe weather was one of the main factors that hampered the company’s results in the fourth quarter.
The company, which pre-released its fourth-quarter results a little more than a month ago, reported a net loss of $7.2 billion in the quarter, compared to net income of $9.9 million in the same period the prior fiscal year. Net sales dropped 10% to $538.3 million, from $597.6 million.
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Zale Q3 net earnings soar as sales fall
Dallas – Zale Corp. reported net earnings of $9 million in the third quarter of fiscal 2014, an impressive 80% jump from $5 million a year earlier. This soaring growth came even as revenues slipped 3% to $431 million, from $443 million.
A lower cost of sales and higher pretax earnings and operating earnings helped boost Zale’s net earnings. Zale cited the net decrease of 78 stores compared to the prior year and a decline in the Canadian exchange rate, partially offset by same-store sales growth of 1.9%, as driving down revenues.