Syms Corp Reports Second Quarter 2011 Financial Results
06 Outubro 2011 - 5:00PM
Business Wire
Syms Corp (NASDAQ: SYMS) (the “Company”), a leading
off-price retailer, announced results today for its second
quarter ended August 27, 2011.
For the second quarter (13 week period) ended August 27, 2011,
the Company had a net loss of $11.5 million ($0.80 per share) as
compared to a net loss of $10.9 million ($0.76 per share) for the
second quarter ended August 28, 2010.
Net sales decreased by $15.8 million to $86.3 million during the
thirteen weeks ended August 27, 2011. Sales were $102.1 million in
the comparable period last year. Comparable store sales for the 13
week period were down 13%.
As of August 27, 2011, the Company and its wholly-owned
subsidiary Filene’s Basement, LLC collectively owned and operated
47 “off-price” apparel stores located predominantly on the east
coast of the United States under the “Syms” name (which, together
with co-branded Syms/Filene’s Basement stores, are owned and
operated by the Company) and the “Filene’s Basement” name (which
are owned and operated by Filene’s Basement, LLC). Each Syms and
Filene’s Basement store offers a broad range of first quality, in
season merchandise bearing nationally recognized designer and
brand-name labels.
Forward-Looking Statements
Certain information in this press release includes
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995) and information relating
to Syms Corp and its subsidiaries that are based on the beliefs of
Syms’ management, as well as assumptions made by and information
currently available to Syms’ management. When used in this press
release, the words “anticipate”, “believe”, “estimate”, “expect”,
“intend”, “plan” and similar expressions as they relate to Syms
Corp and its subsidiaries, identify forward-looking statements.
Such statements reflect the current views of Syms Corp with respect
to future events, the outcome of which is subject to certain risks,
including, among others, general economic and market conditions,
decreased consumer demand for Syms’ and Filene’s Basement’s
products, possible disruptions in Syms’ computer or telephone
systems, possible work stoppages or increase in labor costs,
effects of competition, the impact of integrating Filene’s
Basement’s business and Syms Corp’s existing business, possible
disruptions or delays in the opening of new stores or inability to
obtain suitable sites for new stores, higher than anticipated store
closings or relocation costs, higher interest rates and borrowing
costs, unanticipated increases in merchandise or occupancy costs,
and other factors which may be outside control of Syms Corp. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results or outcomes
may vary materially from those described herein as anticipated,
believed, estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to Syms
Corp or persons acting on its behalf are expressly qualified in
their entirety by the cautionary statements in this
paragraph.
SYMS CORP STATEMENTS OF OPERATIONS
(in thousands except per-share
amounts)
Thirteen Weeks Ended August 27,
2011 August 28, 2010
Net Sales $ 86,319 $ 102,073 Gross Margin 31,800 37,123
Operating Expenses 50,719 54,818 Net Income (Loss)
$ (11,546 ) $
(10,930 ) Net Income (Loss) per
share (basic & diluted)
$ (0.80
) $ (0.76 )
Weighted average shares outstanding (basic & diluted)
14,448 14,448
SYMS CORP CONSOLIDATED BALANCE
SHEETS
(in thousands)
August 27, 2011 August 28, 2010 ASSETS Current
Assets: Cash $ 2,412 $ 2,885 Receivables 2,452 3,112 Merchandise
inventories 65,442 99,429 Other current assets
12,965 22,820 Total current assets
83,271 128,246 Property & equipment 101,114 119,309
Other assets
60,283 42,509
Total Assets
$ 244,668
290,064 LIABILITIES & SHAREHOLDERS’
EQUITY Current Liabilities: Accounts payable $ 32,303 $
59,382 Accrued expenses 22,669 12,066 Other current liabilities
5,498 5,280 Total current
liabilities 60,470 76,728 Long term debt 20,327 25,951 Other
long term liabilities 12,960 5,299 Shareholders’ Equity
150,911 182,086 Total
Liabilities and Shareholders’ Equity
$
244,668 $ 290,064
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