Wickes Cos. reported a $2.5-million loss for the fourth quarter, compared to net income of $28.6 million in the same quarter a year ago.
Operating income was $72.7 million for the three months ended Jan. 31, up nearly 40% from $52 million in the same period of the previous fiscal year. Sales of the Santa Monica-based company rose to $1.4 billion from $885.3 million, up 59%.
The loss for the quarter was the result of sharply higher interest expense and a $6.9-million extraordinary charge that represented an adjustment of tax payments from previous quarters, the company said.
For the year, Wickes recorded net income of $83.8 million, compared to net income of $76.1 million in the previous fiscal year, a 10% increase. Operating income was $259.9 million, a nearly 76% increase from the previous year's $148 million.