HomeBase Earnings Fall in 2nd Quarter
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HomeBase Inc., Irvine-based operator of home improvement warehouses, reported second-quarter net income of $10.2 million, or 23 cents a share, down 31% from the $14.7 million, or 32 cents a share, for the corresponding period last year.
The company attributed the decline in part to expenses from opening three stores during the quarter, costs related to the company’s new sales strategy and a greater percentage of sales of lower-margin merchandise.
Sales for the three months ended July 31 rose 7% to $453.7 million.
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