Le Chateau quarterly net loss widens on writeoffs, increased promotions

MONTREAL – Le Chateau Inc. (TSX:CTU.A) has reported a wider first-quarter net loss as it increased promotional activity and writeoffs.

The clothing retailer said its loss was $8.2 million, or 30 cents per share, compared to $6.5 million, or 26 cents per share a year earlier.

“Earnings for the first quarter were negatively impacted by increased promotional activity and an increase of $454,000 in write-off and impairment of property and equipment,” the Montreal-based company said.

Sales during the quarter ere $56.9 million, down from $57.8 million during the same 2012 period.

Comparable store sales dipped 0.7 per cent.