Closely held yuppie retailer
said same-store sales fell 14.7% from a year ago in the first quarter.
The Merrimack, N.H., company said sales for the quarter ended April 1 were flat at $76.7 million.
"The results for the quarter as a whole were below our expectations; however, our results began to improve in March and have continued to improve into April," said CEO Lou Mancini. "We have several important launches planned for the second quarter, including the launch of certain exclusive OSIM healthy lifestyle products, and we believe these new introductions will contribute positively to the company's overall operations and financial performance."
The company, which was acquired last October by private equity buyers, said it hopes to boost productivity at its retail stores.