Business Services Industry
Sale of Health Division Dilutes Earnings of Green Bay, Wis.-Based Retail Chain.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, August, 2000
Aug. 16--GREEN BAY, Wis.--Shopko Stores Inc. announced diluted earnings per share for the 13 weeks ended July 29 of 25 cents before special charges and the gain on the sale of ProVantage stock.
Due to the sale of ProVantage Health Services Inc. to Merck & Co. Inc., the financial results of ProVantage have been restated and reflected as earnings from discontinued operations for all years presented. Consolidated sales, as restated, for the
13 weeks were $819.5 million, a 23.1 percent increase over sales of $665.5 million for the same period last year.
Net earnings for the quarter decreased to $34.9 million compared with $42.8 million last year. ShopKo's quarterly results include a $48.4 million ($1.01 per share) pre-tax gain from the sale of the...
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