SYM’S NET UP 91% IN PERIOD
NEW YORK — Propelled by higher gross margins, fourth-quarter profits at Syms Corp. surged 81 percent to $5.6 million, or 32 cents a share, from $3.1 million, or 17 cents, after charges, a year ago.
The charges of $1.2 million stemmed from the closing of a unit in Sterling, Mich.
Sales at the 40-store, Secaucus, N.J.-based off-pricer for the quarter ended March 1 fell 3.1 percent to $92.1 million from $89.2 million.
For the year, earnings rocketed 84 percent to $19.1 million, or $1.08 a share, from $10.4 million, or 59 cents, after the charge.
Sales grew 3.6 percent, totaling $346.8 million against $334.7 million. Same-store sales dipped 0.2 percent.