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Orchard Supply loss widens in Q4

San Jose, Calif. -- Orchard Supply Hardware Stores Corp. reported Monday a loss of $33.6 million for the quarter ended Feb. 2, widened from a loss of $7.3 million in the year-ago period.

Sales for the quarter rose to $153 million from $141.6 million, and same-store sales edged up 1.6%.

For the full year,  the company lost $118.4 million, compared with a loss of $14.5 million in the prior year. Sales dipped to $657.3 million, compared to $660.5 million for fiscal 2011.

“The past year was one of significant progress in our ongoing efforts to reposition the Orchard brand and execute our strategic priorities,” said Mark Baker, president and CEO. “We are continuing to work productively with our lenders to reach an agreement that will address our capital structure and allow us to build a stronger platform from which we can deliver improved results.”

Orchard said it continues to expect to open at least four new stores and to remodel at least six existing locations this year.

 

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