Home / Knowledge / News / Apparel/Garments / Decrease in Syms same store sales for Q3
Decrease in Syms same store sales for Q3
Jan '10
Syms Corp, a leading off-price retailer, announced results for its third quarter ended November 28, 2009.

For the third quarter (13 week period) ended November 28, 2009, the Company had a net income of $25.6 million ($1.76 per share) as compared to a net loss of $0.9 million ($0.06 per share) for the quarter ended November 29, 2008. For the nine months ended November 28, 2009, the net income was $15.7 million ($1.08 per share) as compared to a net loss of $1.5 million ($0.11 per share) for the comparable period last year. During the 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 the year-to-date include certain one-time costs, including approximately $4.7 million of acquisition costs. Additionally, based on independent appraisal, the Company recorded a one-time gain of approximately $9.7 million reflective of the net excess of fair market value of all assets acquired over the purchase price paid. During the current quarter, the Company realized a net gain from life insurance proceeds of approximately $24.8 million from key man policies from the demise of the Company's founder.

For the third quarter ended November 28, 2009 same store sales (for Syms branded stores only) decreased 9.9% versus the comparable period last year. For the nine months, same store sales decreased 17.8% versus the comparable period last year. The decrease in same store sales is attributable to declines in store traffic commensurate with recessionary trends in the U.S. economy.

Net sales for the third quarter ended November 28, 2009 increased 110.1% to $135.2 million versus $64.30 million for the comparable period last year. Net sales for the nine months increased 39.3% to $261.9 million, versus $187.9 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 brands. 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

Apparel/Garments | On 29th May 2017

Christopher & Banks Corporation Q1 2017 sales down 11.5%

The net sales of Christopher & Banks Corporation for the first...

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
May 2017

May 2017

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


Browse Our Archives


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