"The company had a $0.2 million tax benefit from income taxes in the third quarter of 2005 instead of a more normal tax rate," says George R. Remeta, vice chairman and CAO, United Retail, "compared with a $1.5 million provision for income taxes in the third quarter of this year. This shift in the tax line resulted in the decline in net income."
Net sales were up 6% for the quarter, up to $104.2 million from $98.1 million a year ago. Comparable store sales were also up $6 million from a year ago. Online sales via Shop @ Home, not included in comparable store sales, were up 41%.
"Reduced insurance cost favorably impacted SG&A by $0.8 million versus last year, primarily as a result of property insurance related gain," said Remeta. "However, compensation expense and stock appreciation rights expense unfavorably impacted SG&A by $0.7 million versus last year, primarily as a result of the increase in the company's stock price."
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