Carter Hawley in Red for Quarter
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Confirming earlier projections, Carter Hawley Hale Stores said Friday that it suffered a net loss of $189 million for the second quarter ended Aug. 1, primarily because of costs associated with its recent split into two companies.
The Los Angeles-based retailer, parent of the Broadway, said the loss contrasted with earnings of $11.6 million in the same period a year ago. For the six months, the company reported a loss of $171 million, contrasted with a profit of $12 million in the previous year’s period.
As part of a restructuring last summer, Carter Hawley Hale spun off its specialty stores--Neiman-Marcus, Bergdorf Goodman and Contempo Casuals--into a separate, public company controlled by General Cinema Corp.
The company’s continuing operations, which consist of five department store chains, had a $115-million after-tax loss for the quarter, contrasted with a profit of $8 million. For the six months, the loss was $107 million, contrasted with a profit of $13 million in the year-ago period.
Sales for the quarter were $594.5 million, down 10% from the previous year’s sales.
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