Strawbridge & Clothier, the Philadelphia department-store operator, yesterday said that despite lower sales, continued cost control allowed it to earn a profit in the second quarter. Last year, it reported a loss for the quarter.
The company said sales were down slightly because of less advertising this year than in 1993.
But the cost of sales dropped from 77.2 percent of sales to 76.1 percent this year because of lower occupancy and buying costs and fewer markdowns, the company said.
The company also said it had completed renovation of its women's shoes, lingerie and children's departments at the Center City store. Strawbridge & Clothier operates 13 department stores and 25 Clover stores.
STRAWBRIDGE STRWA NASDAQ
2 QTR. '94 2 QTR. '93 PCT.
END 7/31 END 7/31 CHG.
Revenues (millions) $223.4 $225.5 -9
Net income (millions) $0.24 -$1.43 N.C.
Per share $0.02 -$0.14 N.C.
2 MO. '94 2 MO. '93 PCT.
Revenues (millions) $432.3 423.3 +2
Net income (millions) $-0.74 -5.68 N.C.
Per share $-0.07 $-0.55 N.C.
N.C. = not calculable.
