Hechinger Co., the 17-unit, do-it-yourself retail hardware chain, yesterday reported record profits and sales for the six months ended July 30.
Benefitting from an 18 per cent surge in sales volume to $48 million during the spring and summer months. Hechinger's profits increased to $900,815 (34 cents a share) compared with $786,527 (30 cents) for the same period last year.
In the second fiscal quarter alone, sales increased 14 per cent to a record $24 million and profits climbed to $481,559 (18 cents) vs. $421,418 (16 cents).
Company officers also revealed yesterday that two new stores will open in the next 90 days - part of an expansion program detailed earlier this year, which will add 13 stores and double Hechinger's retail selling space.
The newest outlets will be located opposite Newmarket North Mall in Newport News and opposite Golden Ring Mall, east of Baltimore.
President John W. Hechinger and chairman Richard England said their firm plans to occupy its new corporate headquarters and distribution center in Prince George's County early in 1978.
The 10-million-cubic-feet structure is located at Ardwick. Hechinger's will consolidate seven scattered warehouses and three separate offices in the new complex.
W. Bell & Co., a Rockville-based retail catalog showroom company, reported a 91 per cent gain in profits for the year ended June 25.
Earnings totaled $701,000 (73 cents a share) compared with $367,000 (38 cents) in the previous year. Sales rose by 38 per cent to $44 million.
For the final quarter of the fiscal year, Bell earned $160,200 (17 cents a share) on sales of $10.3 million compared with a loss of $17,100 in the 1976 period on sales of $7.45 million. The firm operates 10 showrooms in the metropolitan area, Georgia and Texas.
District Photo said its fourth quarter earnings were flat, but were still good enough to enable the company to report record sales and profits for the year and to increase its dividend.
The photo equipment distributor and film processor raised its quarterly dividend, which had been 8 cents a share for the past year, to 12.5 cents.
District Photo said after-tax earnings for the year increased 31 per cent to $2,744,000 or $2.98 a share, as sales increased 28 per cent to $28.8 million.
For the quarter ended June 25, sales were up 24 per cent to $7.92 million, while returns earnings were $652,000 fractionally below last year.