Syms Q2 Loss Widens As Sales Decline

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

Secaucus, NJ—Syms reported Thursday that its second quarter loss widened hurt by sales declines in its 47 Syms and Filene’s Basement stores.

For the quarter ended August 27, the off-price retailer said its loss widened to $11.5 million, or 80 cents a share, compared with a loss of $10.9 million, or 76 cents, last year.

Net sales fell to $86.3 million from $102.1 million in the second quarter 2010. Comparable store sales also slid 13%.

Since purchasing Filene’s Basement in 2009, Syms has been struggling. Earlier this year, the company has retained Rothschild Inc. as its exclusive financial advisor to assist in the strategic review process, which might include sale of the company or its properties.

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