Andersons reports dip in retail sales
Andersons, an agricultural and rail transportation company that also operates six home centers, reported revenues of $906 million for its third fiscal quarter, compared to $554 million in revenues in the same quarter of 2007. Net income for the quarter, which ended on Sept. 30, 2008, was $12.8 million, versus $10.6 million in the corresponding period last year.
For its retail sector, the Maumee, Ohio, firm reported $42 million in revenues for its third fiscal quarter, a slight decline from sales of $41 million in the third quarter of 2007. The Retail Group posted a loss of $200,000 for this past quarter, an improvement over the loss of $600,000 in the previous year.
In a Nov. 5 conference call with analysts, Mike Anderson, company president and CEO, attributed the dip in sales to “weak economic conditions that led to an overall decline in consumer spending.” Anderson also said that the retail group did a “great job at controlling costs” during the quarter.
Ranked No. 59 on the Home Channel News Top 500 Retail Scoreboard, Andersons operates six large home centers throughout Ohio. Revenues for its retail sector in 2007 were $180.5 million. Andersons is a publicly traded company with diverse interests that include agribusinesses, railcar leasing and repair, turf products and ethanol operations.