House2Home Sees Bigger Losses Ahead
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House2Home Inc. said Tuesday its losses will be wider than expected for the third quarter and fiscal year because of a sharp decline in sales after the terrorist attacks.
Sales since the Sept. 11 attacks are running 25% to 30% below the previous sales rate, said the Irvine company, which operates a chain of home decorating stores.
In the third quarter last year, House2Home lost 27 cents a share on sales of $334.4 million. For the fiscal year ended Jan. 27, the company reported a loss of $1.86 a share, on sales of $1.44 billion.
House2Home also said it hired Barrington Associates, an investment banking firm, to assist in exploring various strategic and financial alternatives. The company did not elaborate.
The announcement came after the close of regular U.S. trading. The stock edged up 3 cents a share to $1.08 on the New York Stock Exchange.
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