Duckwall-ALCO posts 4Q earnings dip, FY loss

ABILENE, Kan. -- Duckwall-ALCO Stores reported that net sales from continuing operations for the fourth quarter of fiscal 2011 increased 4.4% to $136.9 million and same-store sales, excluding fuel center sales, increased 1.8%, compared with the same period in the prior fiscal year. Net sales from continuing operations for the fiscal year decreased 0.6% to $465.2 million and same-store sales decreased 2.4%, compared with the same period in the prior fiscal year.

Net earnings for the fourth quarter were $0.7 million, or 19 cents per diluted share, compared with $1.4 million, or 35 cents per diluted share, for the fourth quarter of fiscal 2010.

The company reported a net loss of $4.6 million, or $1.20 per diluted share, for the full year, compared with net earnings of $2.8 million, or 72 cents per diluted share, for the prior fiscal year. The fiscal year net loss from continuing operations was $3.6 million, or 93 cents per diluted share, compared with earnings from continuing operations of $2.2 million, or 56 cents per diluted share, for the prior fiscal year.

Richard Wilson, president and CEO, commented, "As evidenced by the year-over-year earnings improvement from continuing operations in the fourth quarter, we believe this quarter was one of those stepping-off points where we have the sense of accomplishing many things, are starting to see the results of our efforts, and are well positioned for the future. While we recognize there is still much work to do, we look forward to building upon these accomplishments in order to deliver the sales and profitability results our shareholders deserve. We are particularly encouraged by the continued growth of our same store sales into the first two months of the 2012 fiscal year."