Two large area retailers reported record sales yesterday, but Hechinger posted record first-quarter profits of $2.4 million (17 cents a share), while Schwartz Brothers Inc. had a loss of $211,377 for its fiscal year.
Hechinger, the do-it-yourself chain based in Landover, said sales for the quarter ended April 30 increased 18 percent to $64.7 million from $54.8 million in 1982. The first-quarter profits represent a 21 percent increase over the $2 million (15 cents) earned a year ago.
Including interest income, Hechinger's total revenue for the quarter was $65.6 million, compared with $55.7 million. More shares were outstanding this year than last.
Schwartz said its sales grew 11.9 percent in the year ended Jan. 31 to $50.8 million, compared with $45.4 million the year before, when the Lanham firm showed a profit of $197,248 (25 cents).
Hechinger and Schwartz, which operates Harmony Hut, expanded their outlets during the reporting periods--both successfully, they say--but Schwartz also had to close one outlet, which helped account for its loss.
Of its sales record, Schwartz said, "The company's decision to enter the wholesale video cassette, games and accessories distribution business during the latter part of fiscal year 1981 has proved to be a good one . . . For the year just ended, video products' share of the (sales) increase had risen (from the prior year's one half) to approximately three-quarters of the total."
Despite its good figures, Hechinger said the rainy weather on the Eastern Seaboard hurt earnings. And expenses associated with opening three stores in North Carolina were written off in the quarter, Hechinger officials said.