Net loss for the third quarter of fiscal 2011 was $4.4 million, or $0.14 per diluted share, compared to a net loss for the third quarter of fiscal 2010 of $9.7 million, or $0.31 per diluted share. Included in the third quarter of fiscal 2010 was a goodwill impairment charge of $7.6 million, or $0.24 per diluted share.
The provision for income tax expense for the third quarter of fiscal 2011 was $26,000, or $0.00 per diluted share, compared to a benefit for income taxes of $1.7 million, or $0.05 per diluted share, for the prior year period.
Results by Segment
Retail Segment ResultsTotal revenue for the retail segment for the third quarter of fiscal 2011 decreased 2.7% to $36.2 million from $37.2 million in the third quarter of fiscal 2010. Retail comparable store sales decreased 1.7% for the third quarter of fiscal 2011 compared to a decrease of 0.4% for the third quarter of fiscal 2010. Gross margin for the retail segment, which includes distribution, occupancy and merchandising costs, was 26.0% compared to 29.3% in the prior year period. The decrease in gross margin resulted from lower merchandise margins and the deleveraging of occupancy costs. SG&A expenses for the retail segment were $12.1 million, or 33.5% of sales, in the third quarter of fiscal 2011 compared to $12.9 million, or 34.6% of sales, in the prior year period. The decrease in SG&A expenses in dollars and as a percent of sales was driven by selling and overhead expense reductions. The operating loss for the third quarter of fiscal 2011 for the retail segment was $2.7 million compared to $1.9 million in the prior year period. The Company remodeled one store location and closed one store location during the third quarter of fiscal 2011, ending the period with 114 stores.
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