Santa Monica-based Wickes Cos., which recently emerged from proceedings under Chapter 11 of the U.S. Bankruptcy Code, on Wednesday reported increased income from continuing operations and higher sales for the year and fourth quarter ended Jan. 26.
For the 12 months, income from continuing operations, including an after-tax gain of about $5.7 million from the sale of securities, rose to $9.7 million from $9.5 million. The diversified retailer's sales for the year were $3.03 billion, up from $2.87 billion the year before.
For the fourth quarter, income from continuing operations was $3.5 million on sales of $739.5 million, compared to a loss from continuing operations of $741,000 on sales of $730 million in the comparable quarter a year ago.
Boosted by $279.5 million in extraordinary credits, net income for the year increased to $296.5 million from $24.8 million in the prior year. Net income included a $16.2-million extraordinary gain from an operating-loss carry-forward and a $280.7-million gain from the settlement of liabilities under Wickes' reorganization plan.