Home / Knowledge / News / Apparel/Garments / Syms Corp posts $3.3 mn loss in Q3
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


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search