Le Chateau, a Canadian specialty retailer and manufacturer, posted 70.5 per cent sales decline to $14.7 million (Canadian dollars) in its second quarter (Q2) for fiscal 2020 ended on July 25, compared to sales of $49.7 million in the same period last year. Company’s net income for the quarter was $0.3 million compared to net loss of $0.3 million in Q2 FY19.
Le Chateau, a Canadian specialty retailer and manufacturer, posted 70.5 per cent sales decline to $14.7 million (Canadian dollars) in its second quarter (Q2) for fiscal 2020 ended on July 25, compared to sales of $49.7 million in the same period last year. Company's net income for the quarter was $0.3 million compared to net loss of $0.3 million in Q2 FY19.#
“Our results for the second quarter of 2020 reflect the unprecedented impacts of the pandemic on fashion retailers across Canada. Given the historical importance of occasion wear during this three-month period, we experienced a meaningful decline in sales as communities across Canada were forced to limit social interactions,” Le Chateau’s executive team, said in a press release.
Le Chateau, a Canadian specialty retailer and manufacturer, posted 70.5 per cent sales decline to $14.7 million (Canadian dollars) in its second quarter (Q2) for fiscal 2020 ended on July 25, compared to sales of $49.7 million in the same period last year. Company's net income for the quarter was $0.3 million compared to net loss of $0.3 million in Q2 FY19.#
Gross profit for the quarter was down to $9.0 million (Q2 FY19: $33.0 million).
Le Chateau, a Canadian specialty retailer and manufacturer, posted 70.5 per cent sales decline to $14.7 million (Canadian dollars) in its second quarter (Q2) for fiscal 2020 ended on July 25, compared to sales of $49.7 million in the same period last year. Company's net income for the quarter was $0.3 million compared to net loss of $0.3 million in Q2 FY19.#
Company’s all retail locations remained closed as of the beginning of the second quarter and only gradually re-opened as of May 4, 2020 in Manitoba and as late as June 26, 2020 in Toronto, Ontario.
Le Chateau, a Canadian specialty retailer and manufacturer, posted 70.5 per cent sales decline to $14.7 million (Canadian dollars) in its second quarter (Q2) for fiscal 2020 ended on July 25, compared to sales of $49.7 million in the same period last year. Company's net income for the quarter was $0.3 million compared to net loss of $0.3 million in Q2 FY19.#
“Having taken decisive action in the last several months to preserve our financial position, and with our 5-year strategic plan aimed at right-sizing our footprint and leveraging our e-commerce platform now behind us, Le Chateau is on a clear path to providing customers with compelling fashion apparel both online and in-store as economic activity resumes, and to serve the modern millennial market in a post-Covid world,” executive team said.
Fibre2Fashion News Desk (JL)