NEW YORK — Off-price retailer Loehmann’s Holdings Inc. said Wednesday it narrowed its second-quarter loss and posted a 130.8 percent jump in income for the first half.
The Bronx, N.Y.-based company lost 8 cents a diluted share, in the three months ended July 31, versus a loss of 10 cents, in the year-earlier period. Sales in the second quarter increased 4.9 percent to $83.2 million versus $79.3 million a year ago. Same-store sales rose by 2.1 percent.
The company said the latest quarter’s results included costs totaling $1.6 million related to its pending merger with Designer Apparel Holding Co. In late April, the company announced it was being sold to Designer Apparel Holding in a deal valued at $177 million, or $23 per share in cash. The company said on Sept. 2 that it will hold a special meeting of stockholders on Oct. 13 at Loehmann’s headquarters to vote on the merger agreement.
Robert Glass, chief financial officer of Loehmann’s, said in an interview that the retailer will continue to file quarterly reports with the Securities and Exchange Commission, but that Wednesday’s press release discussing financial results would be its last due to the merger.
For the six months, Loehmann’s posted earnings of $4.8 million, or 62 cents a diluted share, compared with earnings of $2.1 million, or 28 cents, a year ago. Sales rose 12.1 percent to $190.2 million from $169.7 million, while same-store sales rose 7.6 percent.
“We are pleased with our six-month results, which demonstrate the success of our merchandising, marketing and store expansion strategies,” said Robert Friedman, chief executive officer of Loehmann’s, in a statement.
Shares of Loehmann’s closed down 5 cents, or 0.2 percent, at $22.65 Wednesday in trading on the Nasdaq.
— Meredith Derby