Spurred by sales increases at stores opened a year ago, Landover-based Trak Auto, controlled by the Haft family, said yesterday it raised its profits 213 percent in the first quarter on a sales increase of 13 percent.
Earnings were $925,000 (16 cents a share) in the three months ended April 30, compared with $295,000 (5 cents) for the same period a year ago. Sales were $67.6 million for the quarter, up from about $60 million. Trak operates 319 stores in the Washington-Baltimore area, Richmond, Chicago, San Diego and Los Angeles, compared with 287 stores a year ago.
Crown Books, also a Haft-controlled company based in Landover, announced a less stellar increase in profits of slightly less than 1 percent on a healthy 12 percent rise in sales for the first quarter.
Net income increased to $1.51 million (29 cents a share) for the three months ended April 30, compared with $1.49 million a year ago. But sales shot up in the quarter to $44.7 million from $39.9 million in the prior year.
Crown operates 257 stores in the Washington metropolitan area, Houston, Chicago, Seattle and throughout California, compared with 228 stores a year ago. Company officials attributed the small profit rise to new stores that need time to improve sales, discounting on books in response to aggressive pricing by competitors, and an overall increase in competition in the book business.