During the quarter the Company revised assumptions used to calculate certain of its reserves based on recent experience. The net impact to pre-tax earnings for the third quarter due to these adjustments was a decrease in expenses of $4.0 million.
Total revenues for the 39-week period ended October 1, 2006 were $4.059 billion compared to $4.329 billion for the same period last year, a decrease of 6.2 percent. Same store sales decreased 1.4 percent.
Net earnings for the first nine months, including non-comparable items, were $44.1 million or 41 cents per share compared to a loss of $12.6 million or 12 cents per share for the same period last year.
Net earnings for the nine months, excluding non-comparable items, were $60.6 million or 56 cents per share compared to $27.9 million or 26 cents per share for the same period last year.
Gross margins for the first nine months increased by 155 basis points over the same period last year. Total expenses were reduced by 13.5 percent, approximately 60 percent of which is related to the sale of the Credit and Financial Services operations.
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