Carter Hawley Posts Smallest Loss in Months

Carter Hawley Hale Stores, parent of Broadway department stores, on Thursday posted its smallest monthly loss since filing for Chapter 11 bankruptcy court protection in February.

The Los Angeles-based company said it lost $3.8 million on sales of $160 million in May. Sales at the 89 Carter Hawley stores open more than one year declined 7.7% from a year earlier, but other comparative results from May, 1990, were not disclosed.

During April, the company lost $7.8 million on sales of $144 million.

In a prepared statement, Philip M. Hawley, chairman and chief executive, said: “While our results going forward may continue to be affected by the soft retail environment, we have made consistent progress over the last four months and will be working to cause that progress to continue in the months ahead.”

Jeffrey Werbalowsky, an investment banker representing the unsecured creditors committee in Carter Hawley’s bankruptcy case, characterized the company’s recent results as inconclusive. “There has to be a substantial improvement in the operations for us to be what you’d call happy, but on the other hand, it’s better than it could be,” he said.