NEW YORK — Crumbs Bake Shop, Inc., the largest cupcake specialty store chain in the United States, posted “disappointing” results in the first quarter, as the company sustained a loss of $522,000 in the quarter ended March 31. This compared with net income of $69,000 in the same period a year ago. Net sales rose 16% to $11,277,000 from $9,719,000. “Our first-quarter results were disappointing, but were essentially what we had envisioned,” said Julian R. Geiger, president and chief executive officer. “As we move through a transitional period, we are pleased with the progress we are making on our ‘six point’ strategic plan: creating an emotional connection with the customer; restructuring our organization; upgrading supply chain management; migrating to a coherent real estate strategy; building and maintaining a unique corporate culture; and controlling expenses. We believe that we are positioning ourselves for an improved financial performance in the second half of 2012 and beyond, by focusing on these initiatives.”
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