EXHIBIT 99.1
Antone F. Moreira
Vice President, Treasurer
And Chief Financial Officer
(201) 902-9600
SYMS CORP REPORTS RESULTS FOR THE FIRST QUARTER
Secaucus, New Jersey, June 24, 2005 - Syms Corp (NYSE:SYM), a leading off-price
retailer, announced results today for its first quarter ended May 28, 2005.
For the 13 weeks ended May 28, 2005, the Company had a net profit of $1,055,000
($0.07 per share) as compared to $4,000 for the 13-week period ended May 29,
2004. The Company's net sales for the 13 weeks ended May 28, 2005 decreased to
$67,432,000 from $68,321,000 for the same period last year. Same store sales for
the period ended May 28, 2005 increased 3.8% compared with the same period last
year.
Commenting on the first quarter, Marcy Syms, CEO, said, "Our first quarter
performance is the result of our continued focus on improving comparable store
sales performance, attaining higher gross margin efficiency and controlling
expenses."
Syms Corp currently operates a chain of thirty-seven "off-price" apparel stores
located throughout the Northeastern and Middle Atlantic regions and in the
Midwest, Southeast and Southwest. Each Syms store offers a broad range of first
quality, in-season merchandise bearing nationally recognized designer and
brand-name labels.
Certain information in this press release includes forward-looking statements
(within the meaning of Sections 27A of the Securities Act of 1933 and 21E of the
Securities Exchange Act of 1934), and information relating to the Company that
are based on the beliefs of the management of the Company, as well as
assumptions made by and information currently available to the management of the
Company. When used is this press release, the words "anticipate", "believe",
"estimate", "expect", "intend", "plan" and similar expressions as they relate to
the Company, or management of the Company, identify forward-looking statements.
Such statements reflect the current views of the Company with respect to future
events, the outcome of which is subject to certain risks, including, among
others, general economic and market conditions, decreased consumer demand for
the Company's product, possible disruptions in the Company's computer or
telephone systems, possible work stoppages, or increases in labor costs, effects
of competition, possible disruptions or delays in the opening of new stores or
inability to obtain suitable sites for new stores, higher than anticipated store
closings or relocation costs, higher interest rates, unanticipated increases in
merchandise or occupancy costs and other factors which may be outside the
Company's control. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described herein as anticipated,
believed, estimated, expected, intended, or planned. Subsequent written and oral
forward-looking statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by the cautionary statements in
this paragraph.
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(Financial Tables to Follow)
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SYMS CORP
CONSOLIDATED STATEMENT OF INCOME
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS
Thirteen Thirteen
Weeks Weeks
Ended Ended
5/28/2005 5/29/2004
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Net Sales $ 67,432 $ 68,321
Gross Margin 28,842 28,156
Operating Expenses 27,366 28,225
Other Income (10) (22)
Net Income After Taxes $ 1,055 $ 4
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Net Income Per Share - Basic $ 0.07 $ 0.00
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Weighted Average
Shares Outstanding 15,018 15,103
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<page>
SYMS CORP
CONSOLIDATED BALANCE SHEET
(IN THOUSANDS)
May 28, May 29,
2005 2004
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ASSETS:
Current Assets
Cash 26,206 29,909
Receivables 3,594 6,001
Inventory 80,564 83,458
Other Current Assets 15,471 12,145
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Total Current Assets 125,835 131,513
Property & Equipment 111,037 121,971
Other Assets - Net 23,564 25,939
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Total Assets 260,436 279,423
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Liabilities & Capital:
Accounts Payable 37,453 40,140
Accrued Expenses 8,404 10,126
Other Current Liabilities 4,252 4,121
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Total Current Liabilities 50,109 54,387
Other Long Term Debt 1,584 1,852
Shareholder's Equity 208,743 223,184
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Total Liabilities & Capital 260,436 279,423
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