Off-pricer Syms Corp. saw a more-than-sevenfold increase in second-quarter losses as the company struggled with flagging sales at its namesake business and sought to rebuild inventory at the recently added Filene’s Basement stores.
The net loss for the quarter ended Aug. 29 widened to $9.7 million, or 66 cents a share, from $1.3 million, or 9 cents, a year earlier. With help from the 23 Filene’s stores acquired in June, sales rose 29.5 percent to $76.4 million from $59 million. Same-store sales at Syms doors fell about 23 percent during the quarter and 22 percent for the first half, which the company attributed to “reductions in store traffic concurrent with declines in U.S. economic conditions.”
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