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Syms Corp posts Q1 financial results
02
Jul '10
Syms Corp, the leading off-price retailer, announced results for its first quarter ended May 29, 2010.

For the first quarter (13 week period) ended May 29, 2010, the Company had a net loss of $0.8 million ($0.06 per share) as compared to a net loss of $2.0 million ($0.14 per share) for the first quarter ended May 30, 2009.

Net sales increased by $71.2 million or 142% to $121.4 million during the thirteen weeks ended May 29, 2010. Sales were $50.3 million in the comparable period last year. During the second quarter of 2009, the Company acquired certain inventory, fixed assets, real property leases and certain other assets of Filene's Basement, Inc. (“Filene's”), an off-price retail clothing chain, in an auction conducted pursuant to the Federal Bankruptcy Code. The first quarter sales increase was primarily the result of the acquisition of Filene's in June 2009 and contributed $74.4 million of the sales increase. In addition, comparable store sales, which are only for the Syms stores, increased 4.5% and contributed $2.0 million of the sales increase in the thirteen weeks ended May 29, 2010. The increase in comparable store sales was the result of a higher average transaction size partially offset by a decrease in the number of transactions. Partially offsetting the above sales increases was the loss of sales resulting from the closing of five stores during the past year.

As of May 29, 2010, the Company owned and operated 49 “off-price” apparel stores located predominantly on the east coast under the Syms and Filene's Basement names. Each Syms and Filene's Basement 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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