For the quarter ended April 28, the off price retailer posted a net loss of $3.9 million compared to a net loss of $21 million in its first quarter last year.
Total net revenue increased 5.7% to $982.4 million. Comparable store sales were up 0.6%.
Noting the company was pleased with its sales increase,” Tom Kingsbury, ceo, added, “We are extremely pleased with our inventory management which resulted in a 14% faster inventory turnover. In addition, our 15% reduction in aged goods is allowing us to deliver more fresh values to our customers on a daily basis.”
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