(Filed Under Financial and General Interest News). Major lingerie retailer Frederick’s of Hollywood Group Inc. reported an 11.6 percent net sales drop for the fiscal third quarter of 2011.
Total store sales were down 12.7 percent to $19.6 million compared the the 2010 fiscal third quarter, while comparable store sales decreased 10.1 percent. Direct sales through catalog and website operations fell 12.1 percent to $10.5 million.
Despite the sales slump, Frederick’s of Hollywood chairman and chief executive officer Thomas Lynch remained positive. "While we are disappointed by fiscal third quarter results, our outlook for fiscal 2012 is positive," Lynch said in a statement. "Inventory is approaching appropriate levels, and we remain focused on our ongoing operating initiatives that will help us grow in the long term."
Established in 1946, Frederick’s of Hollywood Group Inc. sells women’s intimate apparel, swimwear and accessories through 124 specialty stores as well as a catalog and an online store.
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