New Albany, Ohio Tween Brands said Wednesday it lost $2.8 million in the second quarter as revenue slipped during the recession, especially at stores open at least one year. That contrasts with a bigger loss of $6.7 million last year.
The company was able to narrow its loss due to tight inventory, increased promotions, and lower expenses. Analysts polled by Thomson Reuters had expected a larger loss.
Same-store sales fell 12%. Tween Brands said the drop was due to the economy and a tough comparison over the same quarter in 2008, when sales were boosted by Webkinz's strong performance.
Tween Brands said its proposed merger with Dress Barn remains on track and is expected to close in the fourth quarter.