Syms, Filene's Basement Post 4th Quarter and 2010 Losses

Off-price retailer Syms Corp, operator of the Syms and Filene’s Basement stores, has posted fourth quarter and full-year losses which it blames on restructuring-related costs and lack of growth in same-store sales.

For the quarter to February 26, losses widened to $17.8 million from $7.4 million, as sales fell 13% to $100.9 million. Same-store sales decreased 7%.

For the fiscal year the company swung to a net loss of $32.9 million from a profit of $8.3 million a year earlier. Net sales rose 18% to $445.1 million while comparable store sales were flat for the year.