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REGIONAL EARNINGS

House of Fabrics Reports $4-Million Loss in Quarter

September 14, 1993

House of Fabrics Inc., the Sherman Oaks-based chain of retail fabric stores, said it lost $4 million in its fiscal second quarter that ended July 31--10 times more than its loss in the same quarter a year earlier.

Quarterly sales nudged up 2%, to $129.2 million from $126.6 million a year earlier. However, House of Fabrics said the recession and discounting and promotional activities continue to hurt the company's bottom line.

For the six months ended July 31, the company posted a loss of $4.73 million, contrasted with a profit of $2.24 million a year earlier. Revenue for the first half of its latest fiscal year totaled $257.2 million, up 2% from $252.9 million.

House of Fabrics said it closed 21 stores and opened 11 new ones in the latest quarter, because of overcapacity of stores in the fabric industry. The company operates 667 stores nationally.

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