USA: Elder-Beerman Reports Results And New Strategy
The Elder-Beerman Stores Corp incurred a net loss of $1.4m for the 13 weeks ended October 28, 2000, excluding $10.7m in pre-tax charges relating to the company's new strategic plan announced on August 11, 2000 and the closing of one store. Normalised basic and diluted earnings per share equaled a loss of $0.10, compared to income from continuing operations of $0.05 in the third quarter of 1999. Including the charges relating to the strategic plan and store closing, Elder-Beerman incurred a net loss of $8.2m or $.58 per basic and diluted share for the third quarter. Total revenues for the quarter rose 3.9 per cent over last year to $161.9m. Total sales for the quarter increased 3.7 per cent over last year to $154.6m, and comparable sales for the quarter increased 0.7 per cent. Third quarter comparable sales reflect sales for stores open more than 13 months. Frederick J. Mershad, chairman and chief executive officer, stated, "The retail landscape is changing and Elder-Beerman is evolving through its three-part strategic plan to meet our customers' needs. Since the announcement of the plan in August, we have been working hard on its implementation. We believe that our strategic plan provides the best opportunity to compete for customers' business and grow in today's retail environment."
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