Home / Knowledge / News / Apparel/Garments / Syms Corp losses widen in second quarter
Syms Corp losses widen in second quarter
07
Oct '09
For the second quarter ended August 29, 2009, the Company had a net loss of $9.7 million ($0.66 per share) as compared to a net loss of $1.3 million ($0.09 per share) for the second quarter ended August 30, 2008. For the first half ended August 29, 2009, the net loss was $11.7 million ($0.80 per share) as compared to a net loss of $.7 million ($0.05 per share) for the comparable period last year.

During this second quarter, the Company acquired certain real property leases consisting of 23 stores plus all inventory, equipment and certain other assets of Filene's Basement (“Filene's”), an off-price retail clothing chain, in an auction conducted pursuant to §363 of the Federal Bankruptcy Code. As of June 18, 2009, the date of acquisition, sales and inventory levels at Filene's were at significantly lower than historical levels and the Company has been rebuilding inventory levels to support planned sales growth.

Results for this second quarter include certain one-time costs, including approximately $5.7 million of acquisition costs. Additionally, based on independent appraisal, the Company recorded a one-time gain of approximately $7.6 million reflective of the net excess of fair market value of all assets acquired over the purchase price paid.

For the second quarter ended August 29, 2009 same store sales at Syms locations decreased approximately 23% versus the comparable period last year. For the first half, same store sales at Syms locations decreased approximately 22% versus the comparable period last year. The decreases in same store sales are largely attributable to reductions in store traffic concurrent with declines in U.S. economic conditions.

Net sales for the second quarter ended August 29, 2009 increased 29.5% to $76.4 million, versus $59.0 million for the comparable period last year. Net sales for the first half increased 2.5% to $126.7 million versus $123.6 million for the comparable period last year. The increase in net sales is largely attributable to the acquisition of Filene's offset by decreases in store traffic noted above.

Syms Corp currently operates a chain of fifty-three “off-price” apparel stores located throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest under the Syms and Filene's Basement names. Each store offers a broad range of first quality, in-season merchandise bearing nationally recognized designer and brand-name labels.

Syms Corp


Must ReadView All

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search