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Syms Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 10, 2012 04:25PM

Syms Corp. (SYMS) filed Quarterly Report for the period ended 2011-11-26. Syms Corp has a market cap of $114.1 million; its shares were traded at around $7.9 with and P/S ratio of 0.3.



Highlight of Business Operations:

Net sales were $66.5 million during the two months ended October 29, 2011. Sales were $86.3 million in the second quarter ended August 27, 2011. Sales volume was impacted by the fact that Gordon Brothers undertook the liquidation of five stores (Rockville Pike, MD; Watertown, MA; Peabody, MA; Braintree, MA and Saugus, MA) during the period. The Company reported sales for these locations for 46 days during two months ended October 29, 2011 compared with 90 days for the three months ended November 27, 2010. Sales for the three months ended November 27, 2010 were $120.7 million. Sales for the first eight months of the fiscal year ended October 29, 2011 were $258.2 million versus $344.3 million for the nine month period ended November 27, 2010. Due to the implementation of liquidation based accounting effective October 29, 2011, these amounts are not comparable.

Gross profit was $23.7 million, or 35.7% of net sales, for the two months ended October 29, 2011 compared with $51.3 million, or 42.5% of net sales, for the three months ended November 27, 2010. This decrease as a percent of net sales was due primarily to lower inventory levels compared to the prior year, as well as the impact of the liquidation of five stores by Gordon Brothers that started mid October 2011. Gross profit was $100.2 million, or 38.8% of net sales, for the eight months ended October 29, 2011 compared with $142.2 million, or 41.3% of sales, for the nine months ended November 27, 2010. This decrease as a percent of net sales was due primarily to lower inventory levels compared to the prior year, higher levels of markdowns in the current year, increased advertising and promotions to generate sales as well as the impact of the five store liquidation run by Gordon Brothers that started mid October 2011.

Read the The complete Report



Stocks Discussed: SYMS,
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