Bolstered by an $8-million, non-operating pretax gain generated by the sale of a subsidiary, Cousins Home Furnishings reported $6 million in net income and $23.2 million in revenues for the second quarter ended Dec. 31. That compared to a $4.6-million net loss and $28 million in revenues during the second quarter a year ago.
Cousins reported $4.2 million in net income and $46.7 million in revenues for the six-month period. That compared to a $6.4 million net loss and $59.8 million in revenues in the same six-month period the prior year.
The strong showing was prompted by the sale of S.A. Levitz Inc., a wholly owned subsidiary which designed retail sales and distribution systems, to General Electric Credit Corp.
Cousins, which operates the Brick Warehouse discount furniture store chain, also announced that it would convert 22 of its stores in San Diego, Sacramento and San Francisco to Furniture 2000 stores which will carry more expensive lines aimed at upscale consumers.