USA: S&K Reports H1 Net Income Down To $1.65m
Men's wear retailer S&K Famous Brands Inc has reported first-half net income of $1.65 million, or $0.62 per share, compared to $1.73m, or $0.68 per share, for the same period in 2003.
Total sales increased 7.3 per cent to $91.4 million compared to $85.1 million for the first six months of last year.
Same-store sales for the first six months were up 4.6 per cent over last year.
Results for the second quarter were a net loss of $124,000, or $0.05 per diluted share, compared to net income of $207,000, or $0.08 per diluted share, in the same period last year.
Total sales were $40.5 million compared to $41.1 million in the same quarter of last year.
Comparable store sales for the second quarter decreased 4.3 per cent .
President and chief executive officer, Stewart M Kasen said: "The shifting of the mix of our sales to lower margin goods this quarter combined with a very strong 9 per cent.
"Comparable store sales increased last year made it a challenging quarter.
"On the positive side, we believe our current merchandise offerings are well positioned for our customers and we look forward to the fall selling period."
During the first six months, the company opened four new stores, relocated two other stores and closed three stores that were performing below expectations.
S&K Famous Brands Inc is a retailer of value-priced men's wear, operating 238 stores in 27 states.
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