USA : Menswear retailer S&K suit category sales slowdown

S&K Famous Brands Inc announced results for the nine months and third quarter ended November 3, 2007.
For the nine months ended November 3, 2007, net loss was ($2,541,000) or ($1.12) per diluted share compared to net income of $760,000 or $0.30 per diluted share for the same period last year. Total sales were $118.9 million compared to $131.7 million for the first nine months of last year. Same-store sales for the first nine months were down (9.3) %.
Results for the third quarter ended November 3, 2007 were a net loss of ($1,805,000) or ($0.81) per diluted share compared to ($654,000) or ($0.28) per diluted share in the same period last year. Total sales were $35.8 million compared to $40.9 million for the third quarter of last year. Same-store sales were down (12.2) %.
Joseph A. Oliver, III, President and Chief Executive Officer, said, “Our disappointing third quarter sales were due to the continued slowdown in the suit category and persistent softness in customer traffic. Our achievements include an improved gross profit percentage and stronger inventory position in our core lines.
During the fourth quarter, we are finalizing our new e-Store, introducing an exciting loyalty rewards program, and developing a completely new marketing strategy. Through these and other key initiatives, we are focused on increasing customer counts to grow sales, while reducing controllable expenses.”