Orchard Supply swings to loss in Q2; on track with opening/remodeling program
San Jose, Calif. -- Orchard Supply Hardware Stores Corp. reported Tuesday a loss of $26.7 million for the quarter ended July 28, compared with net income of $3.9 million in the year-ago period. The results include write-offs and charges related to real estate sale-leaseback transactions.
Sales dipped to $194.1 million from $196.4 million, and same-store sales edged up 0.9%.
According to Mark Baker, president and CEO, Orchard Supply is on track to open three stores in fiscal 2012, as well as remodel six. He expects to have 12 new and remodeled locations operating under a new format by the end of fiscal 2012.