SYMS Syms Corp (MM)

Syms Corp (NASDAQ: SYMS) (the “Company”), a leading off-price retailer, announced results today for its second quarter ended August 27, 2011.

For the second quarter (13 week period) ended August 27, 2011, the Company had a net loss of $11.5 million ($0.80 per share) as compared to a net loss of $10.9 million ($0.76 per share) for the second quarter ended August 28, 2010.

Net sales decreased by $15.8 million to $86.3 million during the thirteen weeks ended August 27, 2011. Sales were $102.1 million in the comparable period last year. Comparable store sales for the 13 week period were down 13%.

As of August 27, 2011, the Company and its wholly-owned subsidiary Filene’s Basement, LLC collectively owned and operated 47 “off-price” apparel stores located predominantly on the east coast of the United States under the “Syms” name (which, together with co-branded Syms/Filene’s Basement stores, are owned and operated by the Company) and the “Filene’s Basement” name (which are owned and operated by Filene’s Basement, LLC). Each Syms and Filene’s Basement store offers a broad range of first quality, in season merchandise bearing nationally recognized designer and brand-name labels.

Forward-Looking Statements

Certain information in this press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to Syms Corp and its subsidiaries that are based on the beliefs of Syms’ management, as well as assumptions made by and information currently available to Syms’ management. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan” and similar expressions as they relate to Syms Corp and its subsidiaries, identify forward-looking statements. Such statements reflect the current views of Syms Corp with respect to future events, the outcome of which is subject to certain risks, including, among others, general economic and market conditions, decreased consumer demand for Syms’ and Filene’s Basement’s products, possible disruptions in Syms’ computer or telephone systems, possible work stoppages or increase in labor costs, effects of competition, the impact of integrating Filene’s Basement’s business and Syms Corp’s existing business, possible disruptions or delays in the opening of new stores or inability to obtain suitable sites for new stores, higher than anticipated store closings or relocation costs, higher interest rates and borrowing costs, unanticipated increases in merchandise or occupancy costs, and other factors which may be outside control of Syms Corp. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to Syms Corp or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph.

  SYMS CORP STATEMENTS OF OPERATIONS

(in thousands except per-share amounts)

  Thirteen Weeks Ended August 27, 2011   August 28, 2010   Net Sales $ 86,319 $ 102,073   Gross Margin 31,800 37,123   Operating Expenses 50,719 54,818   Net Income (Loss) $ (11,546 ) $ (10,930 )   Net Income (Loss) per share (basic & diluted) $ (0.80 ) $ (0.76 )   Weighted average shares outstanding (basic & diluted)   14,448     14,448         SYMS CORP CONSOLIDATED BALANCE SHEETS

(in thousands)

  August 27, 2011 August 28, 2010 ASSETS Current Assets: Cash $ 2,412 $ 2,885 Receivables 2,452 3,112 Merchandise inventories 65,442 99,429 Other current assets   12,965   22,820 Total current assets 83,271 128,246   Property & equipment 101,114 119,309 Other assets   60,283   42,509 Total Assets $ 244,668   290,064     LIABILITIES & SHAREHOLDERS’ EQUITY   Current Liabilities: Accounts payable $ 32,303 $ 59,382 Accrued expenses 22,669 12,066 Other current liabilities   5,498   5,280 Total current liabilities 60,470 76,728   Long term debt 20,327 25,951 Other long term liabilities 12,960 5,299   Shareholders’ Equity   150,911   182,086 Total Liabilities and Shareholders’ Equity $ 244,668 $ 290,064