Le Château continues to see sales decrease, announces store closings

By

Jennifer Braun

Published
Apr 18, 2016

Canadian fashion retailer, Le Château, announced on Friday its 2015 year-end results which for another year saw a decline in sales.
 

The brand which sells men's and women's clothes and accessories reported a sales decrease of 5.3 percent to $236.9 million last year.
 
Net loss for the fiscal year which ended January 30, 2016 amounted to $35.7 million or $(1.19) per share compared to a net loss of $38.7 million or $(1.34) per share, reported in 2014.

On the flip side, online sales climbed 34.8 percent.
 
Still, in an effort to “recalibrate our retail network”, the company closed 11 stores in 2015. In 2016, the company reports plans to close approximately 14 stores. It expects its total square footage to decline from 1,162,000 to 1,100,000 square feet this year, while over the next three years, it plans on reducing its retail floor space by over 200,000 square feet representing the closure of approximately 40 stores, predominantly fashion outlet stores.
 
Despite the net losses the company says in a release that, “overall, we remain optimistic about the opportunity to grow our business and improve our margins.”