Syms Corp (NASDAQ:SYMS), a leading off-price retailer, announced results today for its second quarter ended August 30, 2008.

For the second quarter (13 week period) ended August 30, 2008, the Company had a net loss of $1.3 million ($0.09 per share) as compared to a net loss of $1.4 million ($0.10 per share) for the 13 week period ended September 1, 2007. For the first half (26 week period) ended August 30, 2008, the net loss was $.7 million ($0.05 per share) as compared to a net loss of $.7 million ($0.05 per share) for the comparable period last year. In this second quarter, the Company recorded a pre-tax gain of approximately $548,000 on the sale of a small parcel of undeveloped land adjacent to another company property.

For the second quarter ended August 30, 2008 same store sales decreased 2.5% versus the comparable period last year. For the first half, same store sales decreased 2.4% versus the comparable period last year.

Net sales for the second quarter ended August 30, 2008 decreased 3.8% to $59.0 million, versus $61.4 million for the comparable period last year. Net sales for the first half decreased 3.8% to $123.6 million, versus $128.5 million for the comparable period last year.

Syms Corp currently operates a chain of thirty-two “off-price” apparel stores located throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest. Each Syms store offers a broad range of first quality, in-season merchandise bearing nationally recognized designer and brand-name labels.

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 the Company that are based on the beliefs of the management of the Company, as well as assumptions made by and information currently available to the management of the Company. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan” and similar expressions as they relate to the Company, identify forward-looking statements. Such statements reflect the current views of the Company 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 the Company’s product, possible disruptions in the Company’s computer or telephone systems, possible work stoppages, or increase in labor costs, effects of competition, 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, unanticipated increases in merchandise or occupancy costs and other factors which may be outside the Company’s control. 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 the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph.

Syms Corp
Philip A. Piscopo, 201-902-9600
Vice President and Chief Financial Officer