US: Frederick’s of Hollywood narrows Q2 loss
- Q2 net loss US$5.1m, down from $10m
- Net sales down 3.1% to $23.5m
- Retail sales down 8% to $14.2m
Intimate apparel retailer Frederick’s of Hollywood Group saw its second-quarter net loss almost halve, despite a 3.1% reduction in sales and an 8% fall in retail revenues.
Direct sales were up 9.7% to $8.9m in the period, but comparable store sales fell 4.1%, the US company said.
“We are moving ahead with our strategy to maximise higher-performing retail locations, which will allow us to reduce overall costs and effectively utilise limited resources,” said Thomas Lynch, chairman and CEO.
Frederick’s closed 16 stores in the past three months and plans to shutter another two stores during April, Lynch added.
In December, the group announced it would be taken private by a consortium of HGI Funding and other shareholders, who together own 88.7% of the company, in a deal which valued the business at $11m.
- Enthusiasm for tech in outdoor apparel on rise
- 2015: Welcome to the new fashion consumer
- New American Apparel CEO sees solid platform
- Outlook 2015: What's happening with sourcing?
- George at Asda on responsible retail journey
- EU exploring responsible garment supply chains
- Kanati pulls production out of Pakistan
- Gap to close Piperlime division
- Hanesbrands invests $1.5m in US hosiery plant
- US takes final step to WTO TFA implementation
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Outdoor performance apparel: peaks, valleys, and green fields
- Li & Fung Limited (494) - Financial and Strategic SWOT Analysis Review
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead