Footwear sales boost Q1 results at Le Château
Canadian apparel, accessories and footwear retailer Le Château Inc. has reported results for the first quarter ended April 29.
Net earnings for the quarter were C$2.7 million ($2.4 million) compared with C$4.6 million for the same quarter last year. The decline in net earnings was largely the result of a 4.3% decrease in comparable store sales, compared with a 16.9% increase for the quarter a year ago.
During the quarter, the company opened two new stores and expanded twelve existing locations. Sales generated by this expansion offset the decline in comparable store sales, resulting in total sales for the quarter of C$61.2 million, a 1% increase compared with C$60.6 million for the same period last year.
Sales and profit figures were impacted by the rapid introduction of a major footwear department across the chain.