Last year, the company closed a net 79 stores as it launched a major turnaround effort. By 2010, openings and closings likely will be equal. "Our big store closings are done," Turner said. "We are looking for opportunities to relocate stores, open new locations and exit underperforming markets."
Total sales for the fourth quarter declined 7.8% from the previous year to $436.7 million. Comparable store sales increased 2.5%. For the quarter, net income was $13.7 million, versus a net loss of $58.7 million a year ago.
For the fiscal year, total sales declined 6.9% from 2007 to $1.5 billion. The company reported a net loss from continuing operations of $96 million, compared with a loss of $227.2 million the previous year. The retailer operates more than 1,100 stores in 49 US states, Canada, Puerto Rico and Mexico.
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