Off-price apparel retailer Syms Corp said its first quarter ended 1 June brought in a net profit of $0.7 million compared with a loss of $0.8 million in the same period last year.

A statement from the company said the results "reflect income from restitution amounting to approximately $450,000 on an employee theft and partial insurance recovery related to business interruption."

Net sales fell 5.0 per cent to $68.0 million from $71.6 million last year. Same store sales declined 2.2 per cent.

Marcy Syms, CEO, said: "We are encouraged with the results for the first quarter of this year. May was a very good month for us reflecting a comparable store sales increase of 4 per cent."