Rex Stores 2Q profit falls 31 percent

Rex Stores 2nd-quarter profit falls 31 pct as it closes remaining company-owned stores

• On 2:07 pm EDT, Wednesday September 9, 2009

DAYTON, Ohio (AP) -- Rex Stores Corp. said Wednesday its second-quarter profit fell 31 percent in a quarter when it closed its remaining company-owned retail stores.

Dayton, Ohio-based Rex, formerly a consumer electronics retailer that has become an investor in alternative energy initiatives, earned $837,000, or 9 cents per share, in the three months that ended July 31. That is down from the $1.2 million, or 11 cents per share, a year earlier.

Revenue fell 49 percent to $21.5 million from $42.1 million.

Rex has leased 18 stores to a third party.