Dart Group Corp., suffering from its ill-fated attempt to take over Dayton Hudson Corp., yesterday reported a loss of $67 milion ($38.80 a share) for its third quarter, which ended Oct. 31.
The loss, which was a sharp reversal from the $18.8 million ($9.91) profit recorded for the same time period a year ago, represented the money the Landover-based retail holding company lost when it dropped its bid for Dayton Hudson, a Minneapolis-based owner of retail chains.
Dart, led by Washington's Haft family, tried to take over Dayton Hudson over several months beginning this summer, acquiring 4.6 million shares and offering $68 a share -- $6.3 billion in all -- for the remaining stock.
But Dart dropped its bid after the stock market collapse, which helped push Dayton Hudson's stock as low as $23.50 a share. Dart said it intended to sell back its shares -- which it bought for about twice the price. At the time, sources close to Dart predicted the company would lose $70 million after taxes.
Dart's third-quarter revenue rose 12.5 percent to $99.7 million from $89.5 million. For the first nine months of the year, Dart recorded a loss of $21.1 million ($12.22), down from the $19.3 million ($10.26) profit recorded in 1986.
Revenue for the nine months was $284.2 million, up 10 percent from the previous year's revenue of $258.4 million.