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Frederick's of Hollywood Q1 FY'14 sales fall 12.1%
11
Dec '13
Frederick's of Hollywood Group Inc. announced the financial results for its first quarter of fiscal 2014.

Fiscal 2014 First Quarter Compared to Fiscal 2013 First Quarter:

-Net loss applicable to common shareholders was $7.7 million or $(0.20) per basic and diluted share, compared with a net loss of $5.2 million or $(0.13) per basic and diluted share. The current period includes a $0.8 million loss related to the valuation of the Company's warrant liability.

-Net sales decreased 12.1% to $19.7 million from $22.5 million.

-Comparable store sales decreased 11.7%.

-Total store sales decreased 15.2% to $12.9 million.

-Direct sales (e-commerce and catalog) were flat year-over-year.

-Other revenue decreased by $0.4 million, or 53.8%.The decrease is primarily attributable to a decrease in shipping revenue due to an increase in online promotional shipping offers.

-Gross margin, as a percentage of net sales, was 21.4% as compared to 27.0%.

-Selling, general and administrative expenses decreased to $9.9 million, or 50% of sales, from $10.1 million, or 44.9% of sales.

As previously disclosed, in September 2013, a group consisting of HGI Funding LLC, a wholly owned subsidiary of Harbinger Group Inc., and certain of the Company's other common and preferred shareholders (the "Consortium") submitted a non-binding proposal to acquire all of the outstanding shares of common stock of the Company not owned by them at a proposed price of $0.23 per share as part of a going private transaction, subject to certain conditions.

Although discussions continue between the Company and the Consortium, there can be no assurance that any definitive agreement will be reached or that this or any other transaction will be approved or consummated.

"The results for the first quarter of fiscal 2014 reflect certain marketing and inventory challenges faced during the period.  These have been ongoing challenges associated with the financial limitations of the business over the past several years. We are working with our lenders, manufacturers and partners to overcome these challenges, as well as to implement a long-term strategy for enhancing our business and driving future growth," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer.

Frederick's of Hollywood

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