House of Fabrics Loses $693,000 in 1st Quarter
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House of Fabrics Inc., a Sherman Oaks chain of retail fabric stores, reported a $693,000 loss for its fiscal first quarter ended April 30.
A year before, the company earned $2.65 million. Its revenue in the latest quarter was $128 million, up slightly from the $126.3 million in revenue the previous year.
House of Fabrics blamed the loss on the weak economy, particularly in California where many of its stores are. It also cited bad weather in many parts of the nation in February and March, as well as its rapid expansion over the past two to three years, which has resulted in excess capacity.
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