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Comp store sales up at off-price retailer Syms
12
Oct '10
Syms Corp, a leading off-price retailer, announced results for its second quarter ended August 28, 2010.

Net sales increased $25.6 million or 34% to $102.1 million during the thirteen weeks ended August 28, 2010, from $76.4 million in the comparable period last year. For the year to date (26 week period) ended August 28, 2010, net sales increased by $96.8 million or 76% to $223.5 million from $126.7 million last year. The increase in sales this year was primarily the result of the acquisition of Filene's Basement in June 2009. In addition, comparable store sales increased 16% and 14% in the thirteen and twenty-six week periods ended August 28, 2010, respectively.

For the quarter (13 week period) ended August 28, 2010, the Company had a net loss of $10.9 million ($0.76 per share) as compared to a net loss of $7.9 million ($0.54 per share) for the quarter ended August 29, 2009. For the year to date (26 week period) ended August 28, 2010, the Company had a net loss of $11.7 million ($0.81 per share) as compared to a net loss of $9.9 million ($0.68 per share) for the comparable period last year.

The prior year periods included several one-time items that affect comparability, principally a bargain purchase gain associated with the Filene's Basement acquisition and acquisition costs related to that transaction. Excluding those items the Company's adjusted net loss for the quarter ended August 29, 2009 would have been $11.1 million ($0.76 per share), comparable to the current quarter's loss. The adjusted net loss after excluding those items for the twenty-six weeks ended August 29, 2009 would have been $13.1 million ($0.90 per share), approximately 10% greater than the net loss for the twenty-six weeks ended August 28, 2010.

Adjusted net loss excluding items that affect comparability is a non-GAAP measure. The Company believes the excluded items are not indicative of the recurring performance of the business and that by providing this supplemental disclosure it will facilitate a more meaningful comparison of its operating performance. A reconciliation of net loss as reported to the adjusted net loss is included as a schedule in this press release.

As of August 28, 2010, the Company owned and operated 48 “off-price” apparel stores located predominantly on the east coast of the United States 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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