DYLEX SHOWS PROFIT
By Adnews Staff
Toronto-based Dylex Ltd. has jumped from bankruptcy protection into a small pool of black ink. The clothing retailer had a net income of $5.8 million in the fourth quarter ending Feb. 3, 1996, compared with a loss of $128.4 million for the same period a year earlier. For the whole fiscal year, Dylex had net income of $1.3 million, compared with a loss of $260.3 million the previous year. The company incurred costs of $3.6 million last year for store closings and wrote off another $3.5 million invested in other companies. In the previous fiscal year the company had costs and writedowns totalling about $131 million, and a gain of $1.8 million from dropping of some operations. This year Dylex is planning to sell its 51% stake in Harry Rosen Inc., its 75% of Braemar Apparel, its 19.1% share of The John Forsyth Company and its Nu Mode manufacturing division.