CANADA: La Senza Same-Store Sales Drive Profit
Lingerie company La Senza Corp said it returned to profit during the first quarter of the year after boosting its same-store sales by 10 per cent.
First-quarter net earnings totalled $1.7 million compared to a net loss of $4.2m in the same period last year, including a loss from discontinued operations relating to the planned closure of the company's US operation.
Sales for the quarter rose 17.4 per cent to $83.4m compared with sales of $71.0m last year, while same-stores sales grew 10.3 per cent.
Irving Teitelbaum, chairman and chief executive officer of La Senza, said: "The excellent financial performance in the first quarter of the current fiscal year illustrates the strength of La Senza Corporation's strategy of transforming itself into Canada's leading lingerie retailer and an international licensor of its brand."
La Senza Corporation is a specialty retailer with 297 corporate owned stores.
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