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Rex Stores reports Q4 loss


Dayton, Ohio Consumer-electronics chain Rex Stores Corp. reported a fourth-quarter loss on Wednesday, hurt by a restructuring charge.

The company said loss for the three months ended Jan. 31 totaled $5.4 million, compared with a profit of $5.9 million last year.

Results include a $4.2 million pre-tax restructuring charge related to cutting most of its staff at its corporate headquarters, retail stores and distribution facilities and costs related to downsizing retail operations and leasing 37 owned retail locations.

Revenue rose 9% to $67.4 million, from $62 million a year ago. Retail sales fell 23% to $47.6 million.

For the year, net loss totaled $3.3 million, compared with a profit of $33.9 million. Revenue rose 18% to $230.6 million, from $194.8 million last year.

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