Duckwall-ALCO quarterly income falls

ABILENE, Kan. Duckwall-ALCO Stores reported that net income for the fourth quarter was $1 million, or 27 cents per diluted share, compared with a net income of $4.4 million, or $1.14 per diluted share, in the fourth quarter of the prior fiscal year. The company said the decline was attributable to lower gross margin percent, increased store level wages and benefits, increased store real property rent offset by increased vendor participation in CO-OP advertising.

Net loss year-to-date was $224,000, or 6 cents per basic share, compared with a net income of $5.7 million or $1.49 per diluted share, in the prior fiscal year.

Net sales from continuing operations for the fourth quarter increased 13.8% to $152.3 million, while same-store sales increased 5.2% when compared to 4.6% in the fourth quarter in the prior-year quarter.