AMERICAN SAMOA’S COST-U-LESS REBOUNDS FROM LOSSES TO PROFITS
By Lewis Wolman
PAGO PAGO, American Samoa (May 2, 2001 - Samoa News/PINA Nius Online)---Cost-U-Less, operating stores across the Pacific islands, is on the rebound. It has released first quarter 2001 results that show a substantial improvement over 2000.
Whereas last year the company lost $748,000 in the first quarter, this year the company posted a $116,000 profit.
"This quarter's results provide further proof that the action we took almost a year ago to shed the unprofitable stores in New Zealand was the right decision," said CEO Jeffrey Meder.
Though profits were up, the company's sales levels were level, reflecting a weak economy in many of its island locations. "The tuna fishing industry in Samoa is severely depressed," the company notes in a press release.
Cost-U-Less operates eleven stores, including four in the Caribbean, two in Hawai‘i, two in Guam, one in American Samoa...