Both operating and net incomes also took a hit, decreasing by almost half from the year before. Furthermore, according to a release from the locally based clothing company, occupancy costs increased to 15.63% from 14.98%, due to deleveraging effects of reduced comparable store sales. Cost-cutting measures, however, did lead to a year-over-year decline of almost 9% in general and administrative expenses.
Despite the somewhat sour news, the release indicated the company will continues moving forward on its real estate goals of opening up to eight stores this year. More could be possible, if opportunities present themselves, the release added. Capital expenditures for the entire year are targeted for between $50 million and $55 million.
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