Le Château Reports Solid Quarter-To-Date Comparable Store Sales Increase of 4.5%
MONTRÉAL, July 18, 2018 (GLOBE NEWSWIRE) -- Le Château Inc. (TSX VENTURE:CTU), today reported that comparable store sales for the second quarter up until July 14th (i.e. an 11-week period) increased by 4.5% over the same period last year. Year-to-date up until July 14th (i.e. a 24-week period) comparable store sales were up 2.2% over the prior year.
“Our comparable store sales for the quarter-to-date and year-to-date periods confirm the progress we have made in the execution of Le Château’s business plan. After approximately three years we are now reaching the right balance between our regular and outlet stores. Furthermore, our brick and mortar store network is now fully harmonized with our rapidly growing e-commerce platform reflecting the reality of retailing today,” commented Le Château Chairman and CEO, Jane Silverstone, during the Company’s annual meeting held today.
“We have faced the many challenges of a constantly evolving retail landscape over our history, and have always successfully met these challenges to remain a brand synonymous with fashion and style. The most recent brand transition, triggered by the seismic impact of e-commerce on consumer behavior, is almost completed. We have a strong brand, a solid network of stores and a robust growing e-commerce platform allowing us now to envision a return to profitability.”
Profile
Le Château is a leading Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories for contemporary and style-conscious women and men, with an extensive network of 149 prime locations across Canada and an e-com platform servicing Canada and the U.S. Le Château, committed to research, design and product development, manufactures approximately 30% of the Company’s apparel in its own Canadian production facilities.
Forward-Looking Statements
This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company's expectations, estimates and forecasts. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company's control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors also include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; liquidity risks; competitive conditions in the businesses in which the Company participates; changes in consumer spending; general economic conditions and normal business uncertainty; seasonality and weather patterns; changes in the Company's relationship with its suppliers; lease renewals; information technology security and loss of customer data; fluctuations in foreign currency exchange rates; interest rate fluctuations and changes in laws, rules and regulations applicable to the Company. There can be no assurance that borrowings will be available to the Company, or available on acceptable terms, in an amount sufficient to fund the Company's needs or that additional financing will be provided by any of the controlling shareholders of the Company. The foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results.
For further information
Emilia Di Raddo, CPA, CA, President (514) 738-7000
Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514) 738-7000
MaisonBrison: Pierre Boucher, (514) 731-0000
Source: Le Château Inc.
