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Syms Comparable store sales fall for Q4
19
Apr '08
Syms Corp a leading off-price retailer, announced results for its fourth quarter and fiscal year ended March 1, 2008.

The Company's net income for the thirteen weeks ended March 1, 2008 was $0.02 per share ($.3 million) as compared to a net income of $0.22 per share or ($3.2 million) for the fourteen weeks ended March 3, 2007.

The Company had a net income for the fifty two weeks ended March 1, 2008 of $0.06 per share ($.8 million) as compared to a net income of $0.66 per share ($9.5 million) for the fifty three weeks ended March 3, 2007.

The Company estimates that the effect on earnings per share, net of tax, of the gain on sales of real estate which aggregated $10.4 million in the year ended March 3, 2007, was approximately $0.43 per share.

Net sales for the thirteen weeks ended March 1, 2008 decreased 13.8% to $68.6 million compared to $79.5 million for the fourteen weeks ended March 3, 2007. Net sales for the fifty two weeks ended March 1, 2008 were $267.1 million versus $281.1 million, a decrease of approximately 5.0%.

The Company estimates that the extra week in the fourth quarter and fiscal year ended March 3, 2007 resulted in approximately $3,600,000 in additional net sales for that period. Comparable store sales were down 0.9% for the year and 9.2% for the quarter.

Syms Corp currently operates a chain of thirty three “off-price” apparel stores located throughout the Northeastern and Middle Atlantic regions andin the Midwest, Southeast and Southwest.

Syms Corp

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