ShopKo Stores Inc., which has extensive operations in Utah, had net income of $49.6 million or $1.55 per share for the year ending Feb. 29, a 10 percent increase over the $45 million or $1.41 per share in net income for the previous year.
Dale P. Kramer, president and chief executive officer of the Green Bay, Wis.-based company, said sales during the year increased 8.4 percent to $1.6 billion from $1.5 billion in the previous year.For the quarter ending Feb. 29, ShopKo had net income of $21.1 million or 66 cents per share, a 1.9 percent increase over the $20.7 million or 65 cents per share in net income in the similar quarter a year ago.
Kramer said the 10 percent increase in net income is attributed to increased sales volume and reduced interest expense. He said selling, general and administrative expenses increased slightly because of higher payroll costs caused by an increase in the federal minimum wage and non-recurring charges of software development.