Off-price apparel retailer Syms Corp, which operates a chain of 44 stores, today announced a net loss of $2.1m for the second quarter ended September 1.

That figure compares to a net loss of $3m for the same period last year, while net sales for the second quarter decreased 12.5 per cent to $65.3m, down from $74.6m last year.

The results for the second quarter this year reflect income from an insurance recovery of approximately $3m relating to an employee theft.

Chief executive officer, Marcy Syms, said: "results for the second quarter were disappointing and are reflective of the difficult economic climate in which we and other retailers are currently operating".

She added: "We are pleased, however, that our expense reduction efforts have resulted in expense dollar savings of approximately $3.1m in this quarter compared to a year ago. We have achieved significant inventory reductions to offset these sales declines which allow us to continue to have a strong cash position and balance sheet."


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