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Net sales down 13% at Syms Corp
14
Jul '11
Syms Corp, a leading off-price retailer, announced results today for its first quarter ended May 28, 2011.

For the first quarter (13 week period) ended May 28, 2011, the Company had net income of $1.5 million ($0.10 per share) as compared to a net loss of $0.8 million ($0.06 per share) for the first quarter ended May 29, 2010.

Net sales decreased by $16.0 million or 13% to $105.4 million during the thirteen weeks ended May 28, 2011. Sales were $121.4 million in the comparable period last year.

As of May 28, 2011, the Company and its wholly-owned subsidiary Filene's Basement, LLC collectively owned and operated 47 "off-price" apparel stores located predominantly on the east coast of the United States under the "Syms" name (which, together with co-branded Syms/Filene's Basement stores, are owned and operated by the Company) and the "Filene's Basement" name (which are owned and operated by Filene's Basement, LLC). Each Syms and Filene's Basement store offers a broad range of first quality, in season merchandise bearing nationally recognized designer and brand-name labels.

Syms Corp

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Courtesy: H&M

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