HomeBase Inc.
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The Irvine home-improvement retail chain said fiscal second-quarter profit fell 73% after the company closed some poorly performing outlets and refurbished other stores.
Profit from operations fell to $2.8 million, or 7 cents a share, for the quarter ended July 29, from $10.2 million, or 23 cents, a year earlier. Sales dropped 10.3% to $407.1 million.
Same-store sales declined and fewer HomeBase stores were in operation at the end of the second quarter than the same period last year, the company said.
Excluding costs related to the refurbishment of House2Home test stores, net income was $1.4 million, or 4 cents a share. HomeBase plans to open three House2Home test stores next month in California, and two in Nevada.
HomeBase operates 84 home-improvement stores in 10 states.
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