The Price Co., operator of 35 Price Club discount warehouses, reported significant increases in profits and revenue for the fourth quarter and full year ended Aug. 30.
Price reported net income of $19.1 million, a 20% increase from the $16 million over the same period last year. Revenue increased to $786.5 million, up 23% from the $638.7 million last year.
Full year net income of $73.3 million was 24.5% higher than the $58.9 million reported for fiscal 1986. Revenue grew to $3.24 billion, up 25% from the $2.6 billion in 1986.
Reflecting increased softness in retailing in general in recent months, the rate of sales growth at Price Clubs that were operating during the same period last year declined for the second straight quarter. Same-store sales growth in the fourth quarter was 5.4%, down from 11.1% growth in the third quarter, 18.7% in the second quarter and 15% in the first quarter.