• SYMS LOSS NARROWS: Improved gross margins and a onetime real estate gain helped off-pricer Syms Corp. reduce its second-quarter losses. In the three months ended Aug. 30, the Secaucus, N.J.-based retailer had a net loss of $1.3 million, or 9 cents a share, versus a loss of $1.4 million, or 10 cents, in the 2007 period. Sales declined 3.8 percent, to $59 million from $61.4 million, and dropped 2.5 percent on a same-store basis. However, gross margin increased to 39.2 percent of sales in the most recent quarter, versus 36.7 percent in the year-ago period. The loss in the 2008 quarter was reduced by a $548,000 pretax gain on the sale of a parcel of land. In the first half of the fiscal year, the net loss dropped to $669,000, or 5 cents a share, from $748,000, also 5 cents. Sales fell 3.8 percent, to $123.6 million, and dipped 2.4 percent on a comparable-store basis.


To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus