Ames second-quarter loss widens
Reuters Company News - August 10, 2000 09:23
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ROCKY HILL, Conn., Aug 10 (Reuters) - Ames Department Stores Inc. ,
which has 467 stores in 19 states, on Thursday posted a second-quarter loss
that was about 3 percent wider than last year due to sluggish sales.
The Connecticut-based company reported a net loss of $22.1 million, or 75
cents per share, compared with a loss of $21.5 million, or 78 cents per share,
in the same period a year ago.
The results were a bit better than analysts' expectations that the company
would lose 78 cents per share, according to data compiled by market research
firm First Call/Thomson Financial.
Net sales for the quarter rose to $872 million from $860 million a year earlier,
while same-store sales fell to $633 million from $649 million. The decline of 2.5
percent in same-store sales compared with 9.5 gain a year earlier, the retailer
said.
Looking ahead, Ames said it expects to earn between $1.35 and $1.50 per
share for fiscal year 2000. Analysts on average expect the company to earn
$1.40 per share, according to First Call. |
