Mr. Barenbaum continued, “We announced last week that Joel Waller, a retail veteran with a strong industry background, joined us as President. While I am confident he will add value in all aspects of our business, his primary focus will be on product development, sourcing and merchandising. Joel and I are committed to revitalizing the business and getting the Company back on track to profitability.”Results for the Nine Months Ended November 26, 2011
- Net sales were $344.0 million, as compared to $348.5 million for the nine months ended November 27, 2011. Same store sales declined 3% in the first nine months of fiscal 2012.
- Operating loss totaled $39.2 million, or 11.4% of net sales. This compares to operating income of $6.0 million, or 1.7% of net sales, for the comparable nine month period last year. Operating loss for the first nine months of fiscal 2012 includes the aforementioned asset impairment and restructuring charges.
- Net loss totaled $39.3 million, or $1.11 per share, which includes $12.2 million, or $0.34 per share, of restructuring and estimated asset impairment charges. This compares to a net loss of $5.4 million, or $0.15 per diluted share, for the first nine months of fiscal 2011, which included severance charges of approximately $0.03 per share and a non-cash charge of $0.36 per share related to the valuation allowance on deferred tax assets referenced above.