The company's comparable sales also decreased 5.0 per cent following a 4.5 per cent increase in the same period last year, while its e-commerce sales increased 8.5 per cent following a 16.3 per cent increase in the same period last year. Gross margin rate decreased to 33.8 per cent, as against last year’s third quarter, primarily due to continued higher promotions and markdowns to move through non-go-forward product and address slow sellers more quickly.
For the reported period, selling, general & administrative expenses (“SG&A”) decreased by $0.7 million, driven by lower store operating expenses, lower net employee compensation expenses, and the absence of costs related to the customer platform transition that took place in last year’s third quarter, partially offset by higher medical claims and consulting fees. As a percent of net sales, SG&A was 32.3 per cent, compared to 30.5 per cent in the prior year period.
Capital expenditures for the third quarter of fiscal 2017 were $1.2 million compared to $2.0 million in last year’s third quarter. Capital expenditures in the third quarter this year primarily reflected investments in new stores and technology associated with the Company’s omni-channel capabilities.
"We remain pleased with the progress of our turnaround, and with the inflection point we saw in our business late in October. For the fourth quarter-to-date, comparable sales are up mid-single-digits reflecting an increase in transactions and average dollar sales, including higher AUR as compared to the same period last year," said Joel Waller, interim president and chief executive officer.
"While the third quarter was somewhat disappointing, we attribute this partially to weather and saw the timing of our sales improvement coincide with more seasonable weather as well as the receipt of new holiday merchandise. Both outlets and e-commerce saw positive comp increases in the third quarter which have accelerated in the fourth quarter-to-date. We remain focused on refining our merchandise assortment to strike the right balance between fashion and core product, improving the flow of fashion and newness, and leveraging our marketing programs to connect with our customers. Overall, we believe that continuing to execute on our strategic plan will ultimately drive long-term, sustainable growth," concluded Waller. (RR)
Fibre2Fashion News Desk – India
| On 22nd Apr 2021
The international NGO Environmental Coalition on Standards (ECOS) has ...
| On 22nd Apr 2021
Italian luxury goods company Salvatore Ferragamo has launched...
Canada-based Lululemon Athletica has announced 2 new initiatives that ...
Value of 'Made in India' should get more importance
Fashion tech has to be lean and very productive
Money never disappears-it just finds new opportunities
Headquartered in Apt, South of France, Delta Plus designs, manufactures...
A TV show in 2012 where actor Sonam Kapoor <g...
Jumac, pioneers in
spinning can manufacturing in India, was founded in...
From May 14 to 17, international exhibitors will present the entire...
Non Woven Federation of India
The Non Woven Federation of India (NWFI), representing the regional...
Seevix Material Sciences Ltd, which develops and manufactures synthetic...
Sarah Denise Cordery
Sarah Denise Studio
Manchester, England-based Sarah Denise Studio provides relevant fashion...
Abhishek Bajaj & Samiksha Bajaj
Samshek is a fashion forward tech brand which combines digital experience...
Tahweave & Garo
Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.
Download Free Report
Rising Opportunities in Technical Textiles Market: 2020-2026
Thank you for showing interest in our free report on 'Rising Opportunities in Technical Textiles Market: 2020-2026'
You will receive an email shortly with a link to download the report and in case if you don't receive our email, you can write back to firstname.lastname@example.org.