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Carter Hawley Hale Posts Record 3rd-Period Results

November 14, 1986|From Associated Press

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.

The company attributed the earnings increase to lower markdowns, better control of expenses and better inventory management.

Philip Hawley, the retailer's chairman and chief executive, predicted "substantial earnings gains in the fourth quarter."

Carter Hawley operates 129 department stores and 174 specialty stores. Its department stores include Emporium Capwell, Thalhimers and Weinstock's. It recently agreed to sell its Philadelphia-based John Wanamaker department stores for an undisclosed price.

Its specialty stores include Bergdorf Goodman, Contempo Casuals and Neiman-Marcus.

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