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Consolidated Stores Sees Quarterly Loss

July 09, 1999|Bloomberg News

Consolidated Stores Corp. said it will post a loss in its fiscal second quarter because of slowing video game sales at its KB Toys chain and higher import costs. News of the unexpected loss sent Consolidated's stock plunging nearly 30%. The shares fell $6.88 to close at $16.50 in active trading on the NYSE. Consolidated also operates Odd Lots, Pic 'N' Save and Mac Frugal'sbargain close-out merchandise stores. The company said it expects a loss of 2 cents to 4 cents a share in the quarter ending in August. Analysts had been looking for a profit of 6 cents. A loss of a penny a share at its new online toy unit, KBToys.com, also hurt results, the Columbus, Ohio-based company said.

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