Le Chateau Inc.’s (CTU_A.TO) net loss for the third quarter amounted to C$3.6 million or C$0.14 per share, compared to a net loss of C$4.1 million or C$0.17 per share the previous year.
Sales for the third quarter amounted to C$63.7 million , a decrease of 9.5% from C$70.4 million in the year ago quarter. Comparable store sales decreased 9.3% for the third quarter versus the same period a year ago and continue to be impacted by the emphasis on its inventory reduction strategy resulting in lower average selling prices.
In addition, store traffic continued to be impacted by consumers remaining cautious with discretionary spending.
For the first five weeks ended December 1, 2012, total retail sales decreased 5.8% and comparable store sales decreased 4.8% compared to the same period last year.
The company also announced that Andrew Cohen and Michael Pesner have been appointed to the Board of Directors. Cohen and Pesner are replacing Neil Kravitz and Max Mendelsohn who have left the Board.
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by RTT Staff Writer
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