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LOEHMANN'S 1ST-QUARTER LOSSES GROW.(Brief Article)
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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Source: HighBeam Research, LOEHMANN'S 1ST-QUARTER LOSSES GROW.(Brief Article)