Budget apparel retailer Syms Corp has reported a year-on-year sales increase of 1.5% to $74.3 million for third quarter 2003.

The New Jersey-based company, which reported sales of $73.3m in the same period a year prior, also saw same-store sales increase 1.9 per cent year-on-year for the quarter.

"We are pleased with the improved results for the third quarter," CEO Marcy Syms said.

"We also continued to lower our inventory levels during this quarter which generated a much stronger cash position for the company."

Syms currently operates 40 retail outlets across North America.