Duckwall-ALCO 3Q comps drop 6.3%

ABILENE, Kan. Duckwall-ALCO Stores posted a net loss for the third quarter, ended Nov. 2, of $1.7 million, or 44 cents per basic share, which is in line with the net loss of $1.6 million, or 43 cents per diluted share, in the third quarter of the prior fiscal year. Net sales from continuing operations for the third quarter increased 4.7% to $115.5 million, while same-store sales decreased 6.3%. The results were affected by a difficult retail environment, offset by progress in cost reductions and operational improvements by the company.

"Our turnaround continues to progress in the midst of the recession that all retailers are facing," stated president and ceo Larry Zigerelli. "We are doing the right things to attract consumers and provide essential merchandise at value prices, evidenced by our improvement in same-stores sales performance. At the same time, our operational improvements and cost reductions are moving ahead on-target, positioning us well for the long term."