US: Filene's Basement helps narrow Syms Q1 loss
- Q1 loss narrows to $0.8m
- Net sales jumped 142% to $121.4m
- Filene's contributes $74.4m in sales
Off-price retailer Syms Corp has narrowed its first quarter loss, helped by higher sales at the Filene's Basement chain which it bought in June last year.
Losses in the three months to 29 May were $0.8m or $0.06 per share, compared to a loss of $2.0m or $0.14 per share a year earlier.
Net sales jumped 142% to $121.4m, from $50.3m last year. Filene's contributed $74.4m of the sales increase, the company said.
Comparable store sales at the Syms stores rose 4.5%, as shoppers made fewer, but bigger, transactions.
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Losses at cut-price apparel retailer Syms widened in the three months to 28 August despite a healthy sales rise prompted by the company's acquisition of rival Filene's Basement in June 2009....
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