Canadian general merchandise store operator easyhome has reported a net income of C$20,000, or C$0 per share, for the third quarter ended September 30, 2009, compared with C$1.5 million, or C$0.14 per diluted share, in the third quarter of 2008.
For the third quarter of 2009, revenue was C$42.5 million, up 9.2%, compared with C$38.9 million for the same quarter last year.
For the first nine months of 2009, revenue was C$129.8 million, up 9.6%, compared with C$118.4 million for the same period last year. Net income was C$4.3 million, or C$0.41 per diluted share, compared with C$7.2 million, or C$0.68 per diluted share, for the first nine months of 2008.
David Ingram, president and CEO of easyhome, said: "Economic conditions remain challenging for retailers. Consumers have reduced their overall expenditures on discretionary items. In the third quarter, we began to scale back our infrastructure, which had been constructed to meet higher consumer demand, to better reflect the realities of the market. A number of spending cuts initiated in the third quarter decreased costs, but the majority of these reductions are not expected to flow through to the bottom line until the fourth quarter of this year."