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Fashion specialty store Harold's direct sales up in Q3

22 Nov '06
2 min read

Harold's Stores Inc announced operating results for the third quarter and year-to-date periods ended October 28, 2006.

For the third quarter, the Company reported a net loss of $2.0 million (before and after preferred dividends), or $(0.31) per diluted and basic share, compared to net income of $88,000 (net loss of $290,000 after preferred stock dividends), or $(0.05) per diluted share and basic share in the same period of the previous year. During the current year, dividends have not been declared or paid on any preferred stock since May 1, 2006.

Net income in third quarter 2005 includes a $703,000 one-time gain from the sale of a building. During the year-to-date period ending October 28, 2006, the net loss was $7.9 million, or $(1.33) per diluted and basic share, compared to a net loss of $2.0 million (net loss of $3.2 million after preferred stock dividends), or $(0.51) per diluted and basic share, in the same period of the prior year.

"Although sales during September and October were considerably stronger than August, providing some indication of improved customer acceptance of more classically-inspired, traditional fall and winter merchandise, those sales results did not overcome the impact of poor sales in August," said Ron Staffieri, Chief Executive Officer.

Mr. Staffieri said, "because of the poor sales results through August, additional markdowns were taken to clear excess inventory resulting in lower gross margins in the most recent quarter than the Company experienced in the third quarter of the prior year. Additionally, expenses were also up for the quarter, as the Company operated two more retail stores and incurred additional interest expense."

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