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Rex Income Plummets 61%

DAYTON, OH-Consumer electronics retailer Rex Stores Corp. generates $6.6 million in its fourth quarter, down from $16.8 million a year ago.

By Dana Dubriwny | Updated on March 26, 2006

DAYTON, OH-Consumer-electronics retailer Rex Stores Corp. reported a 61% loss in fourth-quarter net income, which posted at $6.6 million, or 57 cents per diluted share, compared with net income of $16.8 million, or $1.30 per diluted share for the same period a year ago. Stuart Rose, Rex Stores’ chairman and CEO, noted during the company’s earnings call on Friday that audio sales were significantly down for the quarter, while televisions were up.

However, with the bulk of the same-store sales generating from televisions, Rose said there was a substantial production shortage in plasma television. With competition in television sales fierce, Rose admitted the company is “not Best Buy or Wal-Mart that throws their muscle around.” Rather, the specialty store focuses on smaller cities where there is less penetration of plasma televisions.

Net sales and revenue rose 7.5% to $130.6 million from $121.4 million during the prior year’s quarter. Comparable store sales during the period rose 7.9% compared with the same year-ago period. During the quarter, REX Stores purchased approximately 391,700 shares of its common stock. The company now has approximately 496,645 shares remaining available to purchase under its present stock buy-back authorization.

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