I got sloppy on last post. Year-ago Q sales were around $112M. But theoretically, at least, that still worked out to slight same store sales growth.
But recently-filed 10-Q revealed that actual same store sales declined yet again, this time by about 4%. However, earnings were up bigtime, whether fully-taxed or as reported. And LOEH generated good operating cash flow, while expending it all on investing activities. All of this on lower total sales than year ago, and slightly more than previous Q.
According to SEC filings, Loehmann's wants to have men's departments in 50 stores this year (currently in 19 at last count), and is opening a total of 3 new stores for a total of 69?
Granted, I'm not impressed with this retailer, and I've never heard of them, even though they're in my area (SF Bay). Hopefully this is just a nose-to-the-grindstone turnaround situation. Things seem to be progressing steadily. |
