Filene’s Basement Helps Syms Narrow 1st Quarter Loss

In Reports, What's New, Industry News by Accessories Staff

Secaucus, NJ–Syms Corp. has narrowed its first quarter loss, helped by higher sales at the Filene’s Basement chain which it bought in June last year.

Losses in the three months to 29 May were $0.8 million or $0.06 per share, compared to a loss of $2.0 million or $0.14 per share a year earlier. Net sales jumped 142% to $121.4 million , from $50.3 million last year. Filene’s contributed $74.4 million of the sales increase, the company said. Comparable store sales at the Syms stores rose 4.5%, as shoppers made fewer, but bigger, transactions.

The Company operates 49 off-price apparel stores located predominantly on the East Coast.

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