Women’s intimate apparel firm Frederick’s of Hollywood Group has posted a narrowed loss for the second quarter, helped by expense reductions and the closure of underperforming stores.
Net loss for Q2 was US$4.9m, compared to $20.2m in the same quarter last year. Net sales decreased 21.3% to $41.3m though, while same-store sales fell 5.3%.
During the first six months of the year sales decreased 17.4%, while net loss applicable to common shareholders was $9.3m – 64% narrower than the prior year.
However, the company’s selling, general and administrative expenses decreased by 3.6% to $18.1m during the period.
Thomas Lynch, the company’s chairman and CEO, said: “The turnaround strategy that we first introduced approximately one year ago has strengthened the company’s foundation and positioned us for improved results.
“While we continue to face certain macroeconomic pressures, the benefits from our cost cutting program have started to help offset these effects and will increasingly play a part in our turnaround.”
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