Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, February 9, 1994 TAG: 9402090036
SECTION: BUSINESS PAGE: C-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Long
Chicago based Sears, Roebuck and Co., with retail and catalog operations in Roanoke, on Tuesday reported record 1993 net income of $2.37 billion, or $6.13 per share, compared with a net loss of $3.93 billion, or $10.72 per share, in 1992. Fourth-quarter net income was $544.6 million, or $1.39 per share, compared with a net loss of $1.80 billion, or $4.84 per share, in 1992.
Income from continuing operations in 1993 was $2.41 billion, or $6.22 per share, compared with a loss of $2.57 billion, or $7.02 per share, in 1992. For the fourth quarter, income from continuing operations was $544.6 million, or $1.39 per share, compared with a loss of $1.91 billion, or $5.12 per share, in the 1992 period.
LADD Furniture
LADD Furniture Inc., High Point, N.C.-based parent of American of Martinsville, on Tuesday reported fourth-quarter net sales of $123.9 million, down 4 percent from the year-earlier period, and a net loss of $685,000, or 3 cents per share, compared with net earnings of $1.3 million, or 6 cents per share, in the 1992 period.
1993 net sales rose 5 percent, to a record $521.2 million from 1992's $496.7 million. Net income for the year was $3.8 million, or 17 cents per share, down from $4.5 million, or 21 cents per share, in 1992.
VF Corp.
VF Corp., Wyomissing, Pa. parent of Bassett-Walker Inc. of Martinsville, on Tuesday reported fourth-quarter 1993 sales up 6.7 percent, to a record $1,098 million, from $1,029 million in the fourth quarter of 1992. Net income fell 13.4 percent, to $61.1 million from $70.6 million in the 1992 quarter. Earnings per share were 94 cents, which includes a provision of 16 cents per share related to writedowns and reserves. Last year's fourth quarter was $1.18 per share, which included a nonrecurring net gain of 17 cents per share.
Net sales for the year were a record $4,320 million, up 13 percent from $3,824 million in 1992. Net income rose 4 percent, to a record $246.4 million from $237 million in the prior year. Earnings per share were $3.80 compared with $3.97.
Earnings per share comparisons for both the quarter and year also reflect an 8 percent increase in shares outstanding.
Tultex Corp.
Tultex Corp., Martinsville fleece-wear maker with plants in Roanoke, Bland and Smyth counties, Tuesday reported 1993 net income of $5.9 million, or 16 cents per share, compared with $13.2 million, or 42 cents per share, in 1992. Sales were $533.6 million, compared with $503.9 million.
Fourth-quarter sales were $155.2 million, compared with $163.5 million for the 1992 quarter. Net income was $2.2 million, or 6 cents per share, compared with $13 million, or 44 cents per share.
Georgia Bonded Fibers
Georgia Bonded Fibers Inc., Newark, N.J., operator of a fiberboard and foam products plant in Buena Vista, reported fourth-quarter net income of $161,000, or 10 cents per share, on sales of $11.7 million, compared with a net loss of $213,000, or 13 cents per share, on sales of $11.1 million in the 1992 quarter.
For the final six months of 1993, net income was $382,000, or 24 cents per share, on sales of $21.4 million, compared with a loss of $725,000, or 46 cents per share, on sales of $21.4 million.
Carmike Cinemas
Carmike Cinemas Inc., Columbus, Ga., operator of theaters in the Roanoke Valley, on Tuesday reported 1993 revenues of $241.8 million, up 41 percent from $172 million in 1992. Net income rose 94 percent, to $11.9 million, or $1.50 per share, from $6.1 million, or 80 cents per share, in 1992.
Fourth-quarter revenues rose 30 percent, to $65.4 million from $50.2 million in the 1992 quarter. Net income was $1.8 million, or 22 cents per share, compared with $2 million, or 26 cents per share.
Kroger Co.
The Kroger Co., Cincinnati-based supermarket chain operating a mid-Atlantic marketing area office and warehouse and stores in the Roanoke Valley, on Tuesday reported fourth-quarter earnings up 25.7 percent, to $86.5 million from $68.8 million in the 1992 quarter. Per-share earnings were the same as the previous year at 71 cents.
After a $3.8 million extraordinary item for the retirement of debt, net earnings in the quarter were $82.7 million, or 68 cents per share, compared with $53.1 million, or 56 cents per share, in the 1992 quarter. Sales totaled $5.4 billion, compared to $5.7 billion in the 1992 quarter.
Identical-store sales rose 1.1 percent in the quarter and 1.2 percent in 1993. Identical-store sales in the first five weeks of 1994 are up 3.3 percent.
1993 earnings totaled $170.8 million, or $1.50 per share, compared with $101.2 million, or $1.11 per share, in 1992. After extraordinary charges for early debt retirement, Kroger had a 1993 net loss of $12.2 million, versus a net loss of $5.9 million in 1992. Sales increased to $22.4 billion from $22.1 billion.
by CNB