MONTREAL — Shares of clothing retailer Le Chateau plummeted nearly 19 per cent Monday in the first trading after the company reported a net loss in its second quarter on a drop in sales.
On the Toronto Stock Exchange, Le Chateau's (TSX:CTU.A) shares fell 23 cents, or 18.7 per cent, at $1 in heavy midday trading. Volume was 21.2 million, up from the average of 5.3 million. The company's shares have steadily decreased over the past 52 weeks from $5.25 to a low of 97 cents.
The fashion retailer reported Friday evening that it lost $3 million or 10 cents per diluted share for the period ended July 26. That compared with net earnings of $1.1 million or four cents per share a year earlier.
Sales during the quarter were $68.3 million, down almost 10 per cent from $75.7 million in the prior year.
Same-store sales for outlets open at least a year decreased 8.6 per cent, despite a seven per cent increase in online sales.
Meanwhile, Le Chateau said during the first five weeks of the third quarter ended Aug. 30, retail sales decreased 10.7 per cent while same-store sales fell 9.4 per cent.
Le Chateau operates 226 retail locations in Canada and one in the United States. It also has five stores under license in the Middle East.
On the Toronto Stock Exchange, Le Chateau's (TSX:CTU.A) shares fell 23 cents, or 18.7 per cent, at $1 in heavy midday trading. Volume was 21.2 million, up from the average of 5.3 million. The company's shares have steadily decreased over the past 52 weeks from $5.25 to a low of 97 cents.
The fashion retailer reported Friday evening that it lost $3 million or 10 cents per diluted share for the period ended July 26. That compared with net earnings of $1.1 million or four cents per share a year earlier.
Sales during the quarter were $68.3 million, down almost 10 per cent from $75.7 million in the prior year.
Same-store sales for outlets open at least a year decreased 8.6 per cent, despite a seven per cent increase in online sales.
Meanwhile, Le Chateau said during the first five weeks of the third quarter ended Aug. 30, retail sales decreased 10.7 per cent while same-store sales fell 9.4 per cent.
Le Chateau operates 226 retail locations in Canada and one in the United States. It also has five stores under license in the Middle East.