CANADA: Jeans Chain Pantorama Says Q2 Loss Widens
The Montreal-based operator of more than 160 stores reported a quarterly loss of C$1 million compared to C$912,000 in the year-ago period. Sales slipped around five per cent to C$24.6m from C$26.2m.
Same-store sales climbed three per cent in May and June having plunged 13 per cent in the first quarter.
For the first half, Pantorama’s net loss rose to C$2.5m from C$1.5m in 2001 with sales down nine per cent at C$48.6m and same-store sales almost six per cent below last year’s levels.
Commenting on the quarterly same-store sales figures, the company said the "sales trend did not follow through for the month of July, which had a 12 per cent decrease in comparable store sales".
It added: "Management believes this decline in sales is attributable to the general weakness that exists in certain retail apparel sectors, lighter mall traffic and very high temperatures that were observed in July."
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