Syms

Syms 2Q Losses Widen Despite Sales Rise

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

SymsLosses at cut-price apparel retailer Syms widened in its second quarter despite a healthy sales rise prompted by the company’s acquisition of rival Filene’s Basement in June 2009.

The company said today it lost $10.9 million, or 76 cents a share, in the 13 weeks ended Auguust 28. That compares with a loss of $7.9 million, or 54 cents a share, in the prior-year period. Excluding one-time, prior-year charges, Syms’ adjusted loss amounted to $13.1 million, or 90 cents a share.

Revenue jumped 34% to $102.1 million from $76.4 million in the prior-year quarter, reflecting the impact of Filene’s Basement. Syms said sales at stores open at least a year rose 16% for the quarter.

 

Comparable store sales went up 16% in the second quarter for the US company, which has 48 stores mostly found on the east coast of the US.

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