Rex Stores Comps, Profits Up

DAYTON, OH-Rex Stores posted same-stores sales and profit jumps during its Q3, which ended Oct. 31, due to a rise in appliance and flat-panel television sales, executives say. Company officials also say they are also expecting a competitive holiday season in the electronics sector.

Year-over-year same-store sales increased 4.6%, while net income was up 104%, to $6.9 million. Net sales for the 226-store retailer climbed 4.2%, to $94.3 million.

If the past week was any indication, retailers will dramatically slash prices over the holidays, said Stuart Rose, Rex’s chairman and CEO, during the company’s quarterly conference call. “It was extremely competitive during Thanksgiving,” he said. “There could be margin pressure if that continues.”