Tween Brands Posts Loss
Tween Brands Inc. posted a loss of $800,000 for the third quarter, compared to earnings of $13 million in the prior year.
The company attributed this largely to restructuring charges incurred from severance costs and information technology and store impairment charges.
The direct marketer and retailer reported net sales of $254.3 million for the quarter ended Nov. 1, a 3% decline from $260.9 million last year.
The New Albany, OH firm posted gross income for the quarter of $85.6 million, or 33.7% of net sales, compared to $93.9 million, or 36% of net sales, in the prior year.
Management attributed this partly to higher mark downs and buying and occupancy costs as well as the sales decline.
The firm reported that selling, general and administrative expenses declined slightly to $72.3 million, or 28.4% of net sales, during the quarter, compared to $72.7 million, or 27.9% of net sales, last year.
