Fourth Quarter Fiscal 2012 Highlights:
Total revenue increased 1.0% to $66.2 million from $65.6 million in the prior year quarter. Revenue from the retail segment decreased 2.4% to $32.8 million, due to a reduction in store count and a comparable store sales decrease of 0.3%. Revenue from the direct segment increased 4.4% to $33.4 million on a catalog circulation increase of 1.0%.
Consolidated gross margin decreased to 31.4% compared to 32.3% in the prior year quarter.
Net loss was $10.7 million, or $0.34 per diluted share, compared to $4.2 million, or $0.13 per diluted share, in the prior year quarter. Included in the fourth quarter of fiscal 2012 were CEO transition costs of $0.6 million, or $0.02 per diluted share, and a goodwill impairment charge of $4.5 million, or $0.14 per diluted share.
Fiscal Year 2012 Results
For the fiscal year ended February 2, 2013, total revenue increased 2.6% to $222.7 million from $217.2 million for the prior year period. Fiscal 2012 includes a fifty-third week and therefore the fiscal 2012 comparable sales are compared to the fifty-three week period ended February 4, 2012 for the prior year. Comparable store sales increased 5.2% compared to the comparable fifty-three week period of the prior year. Revenues in the direct segment increased 3.4% over the prior year.
Total gross margin was 32.8% compared to 31.5% for the prior year period. SG&A expenses were $93.4 million, or 42.0% of sales, for fiscal 2012, compared to $92.7 million, or 42.7% of sales, for the prior year period.
The operating loss for fiscal 2012 decreased to $20.8 million, compared to $22.9 million for fiscal 2011. Included in fiscal 2012 were the pre-tax non-cash store impairment charge of $0.2 million, $0.6 million of costs related to the Company's CEO transition, $4.5 million of a pre-tax non-cash goodwill impairment charge, store and customer contact center closing costs of $1.1 million, and a gift card breakage benefit of $4.2 million. Included in fiscal 2011 were pre-tax non-cash store impairment charges of $0.5 million and a gift card breakage benefit of $2.0 million.
Net loss for fiscal 2012 decreased to $21.6 million, or $0.69 per diluted share, compared to a net loss of $22.7 million, or $0.73 per diluted share, for fiscal 2011.
Included in fiscal 2012 were the aforementioned store impairment charge of $0.2 million, or $0.01 per diluted share, CEO transition costs of $0.6 million, or $0.02 per diluted share, goodwill impairment charge of $4.5 million, or $0.14 per diluted share, store and customer contact center closing costs of $1.1 million, or $0.04 per diluted share, and gift card breakage benefit of $4.2 million, or $0.13 per diluted share.
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