Net income for the company’s third quarter ended October 28, 2017 was $102 million, or $0.81 per share, compared with net income of $157 million, or $1.17 per share in the same period of 2016.
Third quarter comparable-store sales decreased 3.7 percent. Total sales decreased 0.8 percent, to $1,870 million this quarter, compared with sales of $1,886 million for the corresponding prior-year period.
Excluding the effect of foreign currency fluctuations, total sales for the third quarter decreased 2.3 percent.
The company’s gross margin rate decreased to 31.0 percent of sales from 33.9 percent a year ago, and the selling, general, and administrative expense rate increased 30 basis points to 19.7 percent of sales.
Within SG&A, the company incurred $7 million of hurricane-related costs, the majority of which related to damaged or lost inventory.
The third quarter results included a $13 million pre-tax charge related to reducing and reorganizing corporate and division staff.
Excluding this charge, which reduced after-tax earnings by 6 cents per share, non-GAAP earnings were $0.87 per share, compared to non-GAAP earnings of $1.13 per share in the comparable period of 2016. ■
What to read next