Duckwall-ALCO reports 1Q loss

ABILENE, Kan. Duckwall-ALCO Stores reported a first quarter net loss of $5.9 million, or $1.53 per basic share, compared with a net loss of $2.2 million, or 59 cents per basic share, in the first quarter of the prior fiscal year.

Net sales from continuing operations for the first quarter decreased 0.3% to $106 million, while same-store sales decreased 8.4%.

Donny Johnson, interim president and ceo commented, "The first quarter of fiscal 2009 was a time for very significant changes for the company: new members and direction on our board of directors, the resignation of our previous president and ceo, reductions in corporate staff, and actions by the company to exit 14 markets. The company has positioned itself to show stronger sales and reduced selling, general and administrative expenses for the remainder of fiscal 2009.''