Le Château sees sales drop in third quarter

Montreal-based fashion retailer Le Château reported on Friday that sales for the third quarter decreased 3.8 percent, with 22 fewer stores in operation.
 
Sales for the third quarter, which ended October 29, 2016, amounted to $55.4 million as compared with $57.6 million for the third quarter ended October 31, 2015. Year-to-date sales are also down at $163,967 compared to $171,678 reported for the same nine month period last year.

Le Château sees sales drop in third quarter - www.facebook.com/lechateaustyle
 
Still, the Canadian retailer continues to see an increase in online sales. Online increased 55.1 percent for the third quarter. At the end of September, Le Château opened a new e-commerce warehouse and distribution facility.
 
“This investment has greatly enhanced our ability to service our customers more quickly and more efficiently,” the company says in a news statement. “The continued success with our online sales is consistent with the shift in consumer shopping habits and supports our strategy of rightsizing our retail network of stores.”
 
Net loss for the third quarter amounted to $8 million or $0.27 per share.
 
As at October 29, 2016, the company operates 196 stores including 63 fashion outlet stores.



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