THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, February 24, 1995 TAG: 9502240630
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 24 lines
Hechinger Co., the parent company of Virginia Beach-based HQ Home Quarters Warehouse, says its fourth-quarter profits rose 31 percent. The company also announced that Chairman John W. Hechinger Sr. will take a less active role in day-to-day management. Hechinger will become non-executive chairman, and his son, Chairman and Chief Executive John W. Hechinger Jr., will take over additional duties. The Maryland company credited HQ's growth for its performance. Hechinger's profits rose to $1.6 million in the quarter ended Jan. 28, up from $1.2 million in the year-earlier period. Sales climbed 10 percent to $532.5 million. For fiscal 1994, earnings rose 25 percent to $30.9 million, and sales rose 17 percent. Meantime, HQ's operating income rose 38 percent in the year, and its sales jumped 37 percent. (Staff) by CNB