Net loss widened to $12,875,000 from $847,000 on eroding margins as sales declined 14% to $143,442,000 from $166,475,000 for the third quarter, exacerbated by an $18.4 million calendar shift headwind. Comp declines were less pronounced, with blended results coming in at -3.4%, the strongest since the end of FY ‘21. The quarter started with Aug. posting the company’s first positive comp since Feb. ‘22. Brick-and-mortar sales declined 16% to $111.3 million, comping down 5.6%, while e-commerce contributed $32.2 million to the top line, down 5.4%.

Gross margin contracted 340 b.p. to 25.9%, ... Log in to view full article.