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Decrease in Syms same store sales for Q3
11
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

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