Home / Knowledge / News / Apparel/Garments / Sales increase 9% at Bluefly in 2011
Sales increase 9% at Bluefly in 2011
07
Apr '12
Bluefly Inc, a leading online retailer of designer brands, fashion trends and superior value announced results for the fourth quarter and fiscal year ended December 31, 2011.

Joseph Park, Bluefly's Chief Executive Officer stated: “Fiscal 2011 was a pivotal period for our Company. We implemented key strategies to position our Company for future growth. To this end, we expanded our category reach with the launch of Eyefly.com in June 2011 and just prior to year end introduced Belle & Clive to consumers enabling us to leverage the 20 million unique visitors to Bluefly.com and our more than 350 brand relationships to offer the most important brands with limited time offers at members only pricing.

“We are very excited by the opportunities that Belle & Clive bring to our Company and have already seen a significant increase in subscriber growth in the two quarters since we implemented this new strategy. We begin 2012 with the foundation in place to advance our long term sales and profitability goals.”

Results for the full year of 2011 included the following highlights:
• Net sales increased by approximately 9% to $96.3 million, from $88.6 million in 2010, as a result of continued demand for our luxury designer merchandise and an increase in customer orders in 2011.
• Gross profit margin percentage was 29.4% compared to 37.5% in 2010, primarily as a result of an increase in inventory reserves of approximately $2.2 million, a write-off of $1.0 million related to merchandise credits from suppliers that the Company now believes may not be collected, as well as higher promotional activity and currency fluctuations between the U.S. dollar and the Euro.
• The increase in inventory reserves was primarily the result of a shift in Company strategy with a view to accelerating inventory turns.
• Total operating expenses increased by approximately 6% to $39.4 million, from approximately $37.0 million for 2010. As a percentage of net sales, total operating expenses decreased to 40.9%, compared to 41.8% for 2010.
• The increase in total operating expenses was primarily attributable to an increase in selling and fulfillment expenses and general and administrative expenses, offset partially by a reduction in marketing expenses.
• Included in general and administrative expenses are a write-off and reserve of $1.2 million in connection with a trade receivable that we now believe may not be collected in its entirety. As a percentage of net sales, total marketing expenses decreased to 11.3%, compared to 14.2% for 2010.
• Operating loss was $11.1 million, as compared to $3.8 million in 2010.
• Adjusted EBITDA was negative $7.3 million, as compared to an adjusted negative EBITDA of $716,000 in 2010.
• Net loss attributable to stockholders was $11.0 million, as compared to net loss of $4.0 million in 2010. Loss per share attributable to stockholders increased to $0.43 per share, from a net loss of $0.17 per share in 2010.

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search