House of Fabrics Shows 2nd Profitable Quarter
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House of Fabrics Inc. posted its second consecutive profitable quarter since emerging from bankruptcy court protection last summer.
For its fourth quarter that ended Jan. 31, House of Fabrics posted net income of $405,000, compared to a net loss of $45.8 million a year earlier. Sales in the fourth quarter were $73.4 million, down 27% from $95.5 million a year ago. Much of the drop in sales was due to 93 fewer stores open in the latest period.
In August, House of Fabrics emerged from Chapter 11 Bankruptcy Court protection.
For the 12 months ending in January, the company posted a net loss of $10.1 million, compared to a $70.4-million loss a year earlier. Sales for the year fell 23% to $254.7 million, down from sales of $333.5 million in its previous fiscal year.
House of Fabrics, based in Sherman Oaks, operates 261 fabrics stores in 27 states.
Earlier this month the firm appointed Donald Richey, 53, as its chief executive and president. He replaced Gary Larkins, who in December was named vice chairman.
Previously, Richey had been chief operating officer of Fabric-Centers of America, a retail fabric store chain based in Ohio.
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