Hartmarx Corp., which makes casual and golf apparel, on Thursday said its fiscal first-quarter loss widened slightly, as the company struggles with a difficult retail environment.
The company's loss for the quarter ended Feb. 29 totaled $3.5 million, or 10 cents per share, versus a loss of $3.4 million, or 9 cents per share, during the prior-year period. Analysts expected a loss of 10 cents per share, according to a Thomson Financial survey.
Revenue edged down nearly 1 percent to $119.1 million from $120 million. Analysts expected revenue of $120.4 million.
Homi B. Patel, company chairman and chief executive, said in a statement results "reflect the very difficult retail climate and current negative consumer sentiments."
He added he expects Hartmarx to return to profitability in its fiscal second quarter.
Consumers are cutting back on spending as they face high food and gas prices and a weak credit and housing market.
In January, the company announced a turnaround plan, including reducing exposure to mid-price tailored apparel, raising prices and cutting jobs.
Shares of Hartmarx finished Thursday's trading unchanged at $3.20.
Terms & Conditions
RSS Headlines
Fool UK