Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROCHELLE PARK, NJ-United Retail Group, which operates the Avenue chain of large-size women’s clothing, has recorded third quarter profits of $1.9 million for its third quarter, or $0.08 per diluted share, versus $1.1 million and $0.14 per diluted share a year ago.

“The company had a $0.2 million tax benefit from income taxes in the third quarter of 2005 instead of a more normal tax rate,” says George R. Remeta, vice chairman and CAO, United Retail, “compared with a $1.5 million provision for income taxes in the third quarter of this year. This shift in the tax line resulted in the decline in net income.”

Net sales were up 6% for the quarter, up to $104.2 million from $98.1 million a year ago. Comparable store sales were also up $6 million from a year ago. Online sales via Shop @ Home, not included in comparable store sales, were up 41%.

“Reduced insurance cost favorably impacted SG&A by $0.8 million versus last year, primarily as a result of property insurance related gain,” said Remeta. “However, compensation expense and stock appreciation rights expense unfavorably impacted SG&A by $0.7 million versus last year, primarily as a result of the increase in the company’s stock price.”

“This marked the ninth consecutive quarter of comparable store sales increases,” says Raphael Benaroya, chairman, president and CEO. “Additionally, average transactions per store increased for the quarter and year-to-date periods.” He attributed the rise to the new assortment repositioning in the stores. United Retail operates 491 Avenue stores, totaling 2,162 million sf of selling space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.