Little Switzerland, Inc., St. Thomas, U.S. Virgin Islands, the Caribbean-based specialty retailer, reported a first-quarter loss of $1 million. However, the results are an improvement over the $1.5 million loss during the first quarter of 2001.

Net sales for the three-month period ended August 24, were approximately $15.2 million, a 14.6% increase from net sales of $13.3 million for the corresponding period last year. Net sales for comparable stores increased approximately 9.5% for the period, compared to the previous year year.

“Although our earnings performance was less than initially expected during this period, the Company’s focus on maintaining gross margins coupled with controls in operating expenses produced an approximate 38% reduction in our net loss compared to the prior year,” Robert Baumgardner, Little Switzerland president and CEO, said in a statement. “Our expansion efforts in both Alaska and Key West contributed to this improvement.”

The company said the results are preliminary and subject to further review.

Little Switzerland, Inc. is a specialty retailer of brand name watches, jewelry, crystal, china and accessories, operating 20 stores on five Caribbean islands, Florida, and Alaska. The company’s primary market consists of vacationing tourists.

JCK