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LOEHMANN'S 1ST-QUARTER LOSSES GROW.(Brief Article)

WWD

| June 15, 2000 | COPYRIGHT 2000 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

NEW YORK -- Stung by a $7.2 million charge to close 11 stores, Loehmann's widened its loss in the first quarter ended May 29, to $9.9 million from $3.9 million.

Sales for the upscale off-pricer, which is planning to exit bankruptcy proceedings this summer, fell 14.2 percent to $92.2 million from $108.2 million, due to the closing of 14 stores in July 1999 and 11 more in March 2000. Same-store sales nudged up 1 percent.

Gross margins from ongoing operations improved to 33.5 percent from 31.9 percent as a result of higher initial markups. The turnaround plan for Loehmann's, which ...

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