US: Filene’s buy lifts Syms Corp's Q3 results
- Swings to Q3 profit of $25.6m
- Sales soar 110% to $135.2m
- Same-store sales fell 9.9%
Off-price apparel retailer Syms Corp has swung to a third-quarter profit, helped by one-time gains linked to the purchase of the bought 23 stores plus all inventory of off-price clothing chain Filene's Basement Basement chain and a $24.8m life insurance payout following the death of company founder Sy Syms.
For the three months to 28 November, it posted a net income of $25.6m or $1.76 per share, compared to a loss of $0.9m million or $0.06 per share, a year earlier.
Net sales more than doubled to $135.2m from $64.30m after it bought 23 stores and all inventory of the off-price clothing chain Filene's Basement in June 2009.
However, same-store sales at its Syms branded stores fell 9.9% on lower store traffic.
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