Martin Lawrence Loses $2.09 Million in 1st Quarter
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Martin Lawrence Limited Editions Inc., a Van Nuys art retailer, said it lost $2.09 million for the first quarter that ended March 31, compared to a year-earlier profit of $2.01 million. The company’s sales fell 48% to $6.93 million from $13.3 million a year before.
The results included a $1.73-million charge to cover the estimated costs of closing six retail galleries during the next several months. Martin Lawrence said it will open two new stores in suburban Chicago by the end of April.
On a same-store basis, Martin Lawrence’s sales fell 61% compared to the year-ago period.
The company attributed the downturn to the recession, the Gulf War and a weak art market.
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