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Comparable store sales drop at Le Château
14
Dec '10
Le Château Inc reported that sales for the third quarter ended October 30, 2010 decreased 1.2% to $74.4 million from $75.3 million for the third quarter ended October 31, 2009. Comparable store sales decreased by 3.5% versus the same period a year ago.

Net earnings for the third quarter ended October 30, 2010 decreased to $2.7 million from $5.6 million for the third quarter ended October 31, 2009. Earnings per share (diluted) for the third quarter were $0.11 per share versus $0.23 per share the previous year. Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the third quarter amounted to $8.7 million or 11.7% of sales, compared to $12.8 million or 17.0% of sales last year.

Nine-month Results
Net earnings for the nine-month period were $15.3 million or $0.62 per share (diluted) compared to $18.4 million or $0.76 per share the previous year. EBITDA for the first nine months amounted to $36.3 million or 15.7% of sales, compared to $41.1 million or 18.0% of sales last year.

Sales increased 1.5% to $231.9 million for the nine months ended October 30, 2010, compared to $228.5 million last year. Comparable store sales decreased 2.3% versus the same period a year ago.

During the first nine months of the year, the Company opened 9 stores, closed 4 and expanded 17 existing locations, resulting in the addition of 66,000 square feet or 5.8% to the Le Château network, bringing the total floor space at end of period to 1,212,000 square feet.

In June 2010, the Toronto Stock Exchange approved the Company's previously announced normal course issuer bid to purchase up to 1,003,328 Class A subordinate voting shares. Since June 21, 2010, no Class A subordinate voting shares have been purchased by the Company.

Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men. The Le Château brand is synonymous with ageless fashion at accessible prices and is sold exclusively through the Company's 238 retail locations, of which 236 are located in Canada and 2 in the New York City area.

Le Château Inc

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