Gottschalks 3Q impacted by Lamonts
December 7, 2000,
FRESNO, CA - Picking up the tab to overhaul and reopen the 34 Lamonts Apparel Stores it bought earlier this year, Gottschalks Inc. posted a $2.4 million third-quarter loss, compared with a year-before profit of $358,000.
But getting a big lift from the newly reopened Lamonts units, sales shot up by 24.7 percent, to $153.2 million from $122.9 million last year. Same-store sales advanced by 2.8 percent, while year-to-date comps moved up a hefty 5.8 percent.
"Our third-quarter results are on target with our post-acquisition operating plan," said Jim Famalette, president and ceo.
With its core business still showing improvement, average gross margin improved by 140 basis points, to 37.2 percent from 35.8 percent a year ago. According to Famalette, they were lifted by "increased buying power in the marketplace as a result of large volume purchases for the opening of our new Pacific Northwest stores."
Related Content By Author
1200 Suppliers are Ready for You at Intertextile Shanghai
Home & Textiles Today eDaily
Most Viewed Articles
See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.