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San Diego-Based Discount Retailer Factory 2-U Expects Wider Net Loss.
Byline: Frank Green
Aug. 9--Factory 2-U Stores' stock price unraveled by nearly 30 percent yesterday after the discount retailer announced that it expects a second-quarter net loss of between 33 cents and 36 cents a share far greater than the 19-cent loss analysts had been anticipating.
Shares of the San Diego-based company closed yesterday at $6.15, down $2.58 from the previous day.
Analysts attributed the decline mostly to a 50-percent-off coupon promotion launched by the company on July 21 as part of a grand reopening and make-over at its 257 off-price apparel stores.
Apparently, too many people showed up with coupons in hand, …
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News wire article from: The San Diego Union-Tribune (San Diego, CA)
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News wire article from: The San Diego Union-Tribune (San Diego, CA)
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