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

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Ritu Kumar
Label Ritu Kumar

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

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

October 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


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