Year-over-year same-store sales increased 4.6%, while net income was up 104%, to $6.9 million. Net sales for the 226-store retailer climbed 4.2%, to $94.3 million.
If the past week was any indication, retailers will dramatically slash prices over the holidays, said Stuart Rose, Rex's chairman and CEO, during the company's quarterly conference call. "It was extremely competitive during Thanksgiving," he said. "There could be margin pressure if that continues."
But one retailer Rose says does not intimidate him is Wal-Mart. "I don't fear Wal-Mart," he says, claiming that Rex shoppers have complained about a downturn in customer service at the largest retailer in the world. "They're driving people into our stores. They have people lining up and getting very upset with them."
In the past nine months, Rex's same-store sales rose 3.7%, while net sales jumped 3%, to $267 million. Net income has leapt 102%, to $21.7 million at the locally based retailer.
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