Profits Fall for United Retail

ROCHELLE PARK, NJ-United Retail Group, which operates the Avenue chain of large-size women’s clothing, has recorded third quarter profits of $1.9 million for its third quarter, or $0.08 per diluted share, versus $1.1 million and $0.14 per diluted share a year ago.

“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%.