Duckwall-ALCO loss narrows

ABILENE, Kan. Duckwall-ALCO Stores reported that net sales from continuing operations for the third quarter of fiscal 2010 decreased 2.9% to $111.5 million and same-store sales decreased 1.7%.

Net loss for the third quarter was $1.4 million, or (38 cents) per basic share, compared with a net loss of $1.7 million, or (44 cents) per basic share, for the third quarter of the fiscal 2009.

Larry Zigerelli, president and CEO, commented, "Positive year-to-date same-store sales results and customer counts, combined with a significant increase in gross margin dollars and a major reduction in SG&A expenses, are encouraging. We have made substantial progress in upgrading our merchandising, marketing and store operations programs, and are changing our culture in the continued face of a very tough economy. The holiday season is off to a good start, and we remain cautiously optimistic. Our turnaround is not complete by any means, but we continue to track with plans for store transformation and improving performance."