CPI Corp Reports Fourth Quarter Loss
By: Leon Castles
on Monday, May 07, 2012
Many of the Saint Louis based companies have performed better this year and they have already posted better profits on the charts, but CPI Corp which is a portrait studio operator has said that they have not been performing well for the last quarter and therefore they have lost lot of money in the fourth quarter that they have seen. The company said that their fourth quarter ended in February and they have finally made their reports. The company also announced that the company lost $43.9 million in the fourth quarter results that they have declared.
The company also said that last year they managed to earn profit of $14.9 million in the sales but this year they could not perform at the same level. CPI Corp said that their brands have fall this year and they have been underperforming in all the stores that they have which also contributed to their failure. The company said that due to underperformance they have already closed down more than 529 stores in various locations. The company also shared the grief that they are not impressed with the performance and they have various liquidity challenges this year and even in 2011. James Abel, Interim President and CEO said that they are already talking to lenders to secure additional borrowing capacity in case they need some finance in the future.