Whitehall Jewellers Posts Rise in Q1 Losses

Jewelry retailer Whitehall Jewellers Inc today (Wednesday) posted a larger net loss in the first-quarter than a year earlier, damaged by lower sales and higher interest expenses.

Whitehall, which operates 386 stores in 38 states, reported a loss of $4.9 million from a loss of $3.7 million last year.

Meanwhile, sales edged down 2.8 percent to $71 million from $73 million in the same quarter of last year. Sales at stores open for at least a year fell 3.8 percent.

The retailer said it was "not pleased" with the quarter's results, but noted its performance improved starting in March, with better sales and margins.

Lucinda Baier, Chief Executive Officer, said: "While we were not pleased with first quarter results, beginning in March we began to see the positive impact of initiatives put in place earlier this year. In addition, sales during the Mothers Day period were comp store positive."