For the 13-week period ended September 29, 2012:
Thomas Reinckens, Chairman and Chief Executive Officer, commented: “Our third quarter results were at the better end of our revised expectations, prior to an increase in the tax valuation allowance. Third quarter results were negatively affected by an unfavorable response to our summer and fall sportswear assortments, as well as an increase in the valuation allowance of $1.3 million against net deferred tax assets.
“We have identified the actions that we believe are necessary to bring about a positive change in our business. We are working expeditiously to intensify our offerings of sophisticated fashions which our customers look for in our brand. At the same time, we continue to maximize strong selling categories such as dresses and generate solid increases in our e-commerce sales.
“Our search to identify a new President is well underway and we believe that we are on track to achieve our targeted savings of $3 million in fiscal 2013. While we remain cautious as we enter the final quarter of the year, we are confident in our strategies, which we expect to enable us to improve our sales and margin trends as we enter 2013.”
For the 39-week period ended September 29, 2012:
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