Strouds is a specialty retailer of bed, bath, tabletop and other home textiles products in the United States. At February 28, 1998, the Company operated 66 stores in five states.
For the fiscal year ended February 28, 1998, the Company had a net loss of $3,798,000, or $0.44 per basic and diluted share, versus a net loss of $21,968,000, or $2.58 per basic and diluted share, for the same corresponding period last year. The net loss for the prior year was $5,754,000 after adjusting for restructuring and asset impairment charges of $18,050,000. Net sales for the fiscal year were $221,828,000 compared to $209,778,000 for the corresponding period last year.
Charles Chinni, President and Chief Executive Officer, commented, ''We are extremely pleased with the progress made to date. We experienced exceptionally strong sales in January and February across virtually all merchandise categories.''
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