Large-format stores net sales for the six-month period increased 12.3% to $414.3 million from $368.9 million last year. Same-store sales for large-format stores increased 5.9%, versus a 9.0% decrease in the prior year. Small-format stores net sales for the six-month period decreased 4.9% to $398.4 million from $419.0 million last year. Same-store sales performance for small-format stores increased 2.7% versus a 3.9% decrease in the prior year.
Operating Results: Gross margins for the second quarter decreased 170 basis points to 45.7% from 47.4%, primarily due to a proactive markdown and clearance pricing strategy for discontinued items.
Selling, general and administrative expenses for the quarter increased to $188.1 million from $186.9 million last year. Selling, general and administrative expenses improved by 310 basis points to 48.4% of net sales from 51.5% of net sales, in the prior year's second quarter. Last year's second quarter included $4.4 million related to the separation of the former chief executive officer.
Operating loss for the second quarter was $26.2 million, versus a $29.5 million operating loss for the prior year's second quarter.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
