TODAY'S PAPER
28° Good Afternoon
28° Good Afternoon
Business

Perfumania sales fall; will ‘accelerate’ store closings

Perfumania announced plans to close underperforming stores.

Perfumania announced plans to close underperforming stores. Credit: Minyvonne Burke

Perfumania Holdings Inc., the Bellport-based seller of celebrity and designer perfumes and fragrances, said Tuesday in a securities filing that its fiscal first-quarter sales fell and that it would “accelerate closings of underperforming stores” and “work to increase e-commerce sales.”

Perfumania operates a chain of 240 retail stores, down from 320 a year earlier.

The company, which sells scents by Balenciaga, Jessica Simpson and Kim Kardashian, said in the filing, “As customers increasingly shop across multiple channels, we continue to invest in these and other omnichannel initiatives in order to create a more seamless shopping experience for our customers.”

Revenue in the quarter ended April 29 fell 6.9 percent to $97.9 million, and the net loss widened to $9.7 million from $6.4 million a year earlier.

The quarterly report revealed the company’s effort to reduce long-term expenses by “reviewing and updating” its sales strategy.

Perfumania’s shares rose 6 cents, or 3.8 percent, to close at $1.66 on the Nasdaq Stock Market. In the past 12 months, the shares are down close to 22 percent.

Comments

We're revamping our Comments section. Learn more and share your input.

More news