• Q3 net earnings of $5.6m
  • Sales decreased 10.1%
  • Launching online shopping

 

Canadian fashion retailer Le Château has announced a slump in Q3 earnings, but plans to launch an online platform next year.

It posted net earnings for the third quarter ended 31 October of CAD$5.6m, compared to $10.0m for the third quarter last year.

The company reported that sales for the third quarter decreased 10.1% to $75.3m from $83.8m for the third quarter last year. Same-store sales decreased 13.1% versus the same period a year ago.

Net earnings for the nine-month period were $18.4m, compared to $25.4m the previous year. Sales decreased 6.0% to $228.5m for the nine months ended 31 October, compared to $243.1m last year. Same-store sales decreased 9.2% versus the same period a year ago.

During the first nine months of the year, the company opened 10 stores, closed 2 and expanded 8 existing locations, resulting in the addition of 87,000 square feet or 8.3% to the Le Château network, bringing the total floor space at end of period to 1,135,000 square feet.

Le Château also announced it will be launching an online shopping initiative for Autumn-Winter 2010 in both Canada and the US.