P.M. BRIEFING : Ames Re-Emerges in the Black
ROCKY HILL, Conn. — Ames Department Stores Inc. turned a profit in December, the first month the retailer has been in the black since before it filed for bankruptcy court protection from its creditors last April, the company said today.
Ames, which operates 455 discount stores in 17 states, mostly in the East and Southeast, said it earned $25.1 million for the five weeks ended Dec. 29.
Sales for the period totaled $528.3 million. After adjusting for the 227 stores the company has closed since its Chapter 11 filing April 25, total December sales were slightly down from sales of $549.6 million in December, 1989.
The company’s same-store sales--sales at stores that have been open for at least a year--dropped 3.2% for December. However, the company said that was an improvement over its same-store results for November.
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