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Le Chateau Q2 FY20 sales dip 70% to $15 mn
23 Sep 20 2 min read
Le Chateau, a Canadian specialty retailer and manufacturer, posted 70.5 per cent sales decline to $14.7 million (Canadian dollars) in its second quarter (Q2) for fiscal 2020 ended on July 25, compared to sales of $49.7 million in the same period last year. Company’s net income for the quarter was $0.3 million compared to net loss of $0.3 million in Q2 FY19.
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“Our results for the second quarter of 2020 reflect the unprecedented impacts of the pandemic on fashion retailers across Canada. Given the historical importance of occasion wear during this three-month period, we experienced a meaningful decline in sales as communities across Canada were forced to limit social interactions,” Le Chateau’s executive team, said in a press release.
Gross profit for the quarter was down to $9.0 million (Q2 FY19: $33.0 million).
Company’s all retail locations remained closed as of the beginning of the second quarter and only gradually re-opened as of May 4, 2020 in Manitoba and as late as June 26, 2020 in Toronto, Ontario.
“Having taken decisive action in the last several months to preserve our financial position, and with our 5-year strategic plan aimed at right-sizing our footprint and leveraging our e-commerce platform now behind us, Le Chateau is on a clear path to providing customers with compelling fashion apparel both online and in-store as economic activity resumes, and to serve the modern millennial market in a post-Covid world,” executive team said.
Fibre2Fashion News Desk (JL)
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