Carter Hawley Hale Stores, one of the nation's largest department store operators, on Thursday reported record revenue and earnings for the third quarter and nine months.
The Los Angeles-based owner of the Broadway and other department store chains said it earned $16.4 million in the quarter ended Nov. 1, an increase of 67% from a year earlier, when it netted $9.8 million. Sales in the period rose a modest 4% to $989.5 million.
Net income for the more recent quarter was reduced by about $2 million due to the repeal of the investment tax credit, the company said.
For the nine months, the company reported a profit of $42.6 million, a rise of 46% from the $29.1 million earned a year ago. Nine-month sales rose 3% to $2.75 billion.