“We have been concerned that, since the recession began, customers have been conditioned for major price reductions. We experienced firsthand the difficulty of trying to move away from such promotional activity this quarter when we tested customer tolerance for significantly lower promotional activity. While we anticipated a drop in sales, we experienced a larger than anticipated decline in customer traffic at our stores and on our eCommerce site. As a result, we revised this strategy and have returned to higher levels of promotional activity,” stated Thomas Lynch, the Company’s Chairman and Chief Executive Officer.
“As previously disclosed, we are now sharing some of the costs of our promotional activities with our vendors, which will help offset some of the costs of the increased promotions. Over the past few months, we have launched several new product categories at our stores and on our eCommerce site, which are gaining customer awareness. Our goal for these new product lines is to expand the reach of the ‘Frederick’s of Hollywood’ brand. We believe the strength of our brand with consumers will continue to help the Company through this difficult economic period,” concluded Mr. Lynch.
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