Excluding the charge, the second quarter net loss was$9.9million, or 9 cents per share. These earningsfell within thechain's previous guidance. Analystswere expecting a loss of 11cents per share, accordingto Thomson First Call.

Net sales for the second quarter were $1.1 billion, a5.6%increase compared to the $995 million for thesame period last year.Same-store sales weredisappointing and at the low end of thechain'sguidance at 0.2%, driven by a 2.3% decrease in customertransactions. However, the average customer "basket" increased2.5%.

During the quarter, the chain brought on a newchairman,president and CEO Steven S. Fishman, who hasbeen with the companyjust six weeks. "Business trendshave been disappointing, andalthough we met oursecond quarter guidance, I am not happy withtheresults," he said during the company's earningsconferencecall.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.