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Syms Corp posts $3.3 mn loss in Q3
08
Jan '11
Syms Corp, a leading off-price retailer, announced results for its third quarter ended November 27, 2010.

For the third quarter (13 week period) ended November 27, 2010, the Company had a net loss of $3.3 million ($0.23 per share) as compared to a net profit of $25.6 million ($1.76 per share) for the quarter ended November 28, 2009. For the year-to-date (39 week period) ended November 27, 2010, the net loss was $15.1 million ($1.04 per share) as compared to a net profit of $15.7 million ($1.08 per share) for the comparable period last year.

Current and prior year periods included certain one-time items that affect comparability, including a gain on life insurance proceeds, a bargain purchase gain associated with the Filene's Basement acquisition and acquisition costs related to that transaction in the prior year, and certain restructuring related costs in the current year.

Excluding these one-time items, the Company's adjusted net loss for the quarter ended November 27, 2010 would have been $1.8 million ($0.12 per share), compared to last year's adjusted net profit of $0.8 million ($0.05 per share). The adjusted net loss after excluding those items for the thirty-nine weeks ended November 27, 2010 would have been $12.7 million ($0.88 per share), compared to last year's adjusted net loss of $14.0 million ($0.96 per share).

Adjusted net profit and 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 profit and loss as reported to the adjusted net profit and loss is included as a schedule in this press release.

Net sales for the fiscal quarter ended November 27, 2010 were $120.7 million compared to $135.2 million for the fiscal quarter ended November 28, 2009, a decline of $14.4 million or 11%. For the year-to-date (39 week period) ended November 27, 2010, net sales increased by $82.4 million or 31% to $344.3 million from $261.9 million last year. The increase in sales was primarily the result of the acquisition of Filene's Basement in June 2009. Comparable store sales increased 3% in the thirty-nine week period and decreased 6% in the thirteen week period ended November 27, 2010.

As of November 27, 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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