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Frederick's of Hollywood Q2 FY’14 sales disappoint

March 12, 2014 (United States Of America)

Frederick's of Hollywood Group Inc. announced the financial results for its second quarter of fiscal 2014.
 
"We are moving ahead with our strategy to maximize higher performing retail locations, which will allow us to reduce overall costs and effectively utilize limited resources. Over the past three months, we have closed 15 underperforming stores and one additional store at the end of its lease.  This activity will continue into April, as we plan to close an additional two stores," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer.
 
Fiscal 2014 Second Quarter Compared to Fiscal 2013 Second Quarter:
-Net loss applicable to common shareholders was $5.1 million or $0.13 per basic and diluted share, compared with a net loss of $10.0 million or $0.26 per basic and diluted share. 
-Net sales decreased 3.1% to $23.5 million from $24.3 million.
-Direct sales (e-commerce and catalog) increased 9.7% to $8.9 million
-Comparable store sales decreased 4.1%
-Total store sales decreased 8.0% to $14.2 million
-Other revenue decreased by $0.3 million, or 45.9%. The decrease is primarily attributable to a decrease in shipping revenue due to an increase in online promotional shipping offers to stimulate retail sales and compete more effectively
-Gross margin, as a percentage of net sales, was 27.0% as compared to 24.1%.
-Selling, general and administrative expenses decreased to $9.3 million, or 39.4% of sales, from $13.7 million, or 56.4% of sales.
 
Fiscal Six Months Ended January 25, 2014 Compared to Fiscal Six Months Ended January 26, 2013:
-Net loss applicable to common shareholders was $12.8 million or $0.33 per basic and diluted share, compared with a net loss of $15.2 million or $0.39 per basic and diluted share. 
-Net sales decreased 7.4% to $43.3 million from $46.7 million.
-Direct sales (e-commerce and catalog) increased 5.4% to $15.4 million
Comparable store sales decreased 7.7%
-Total store sales decreased 11.5% to $27.1 million
-Other revenue decreased by $0.7 million, or 50.1%. The decrease is primarily attributable to a decrease in shipping revenue due to an increase in online promotional shipping offers to stimulate retail sales and compete more effectively.
-Gross margin, as a percentage of net sales, was 24.5% as compared to 25.5%.
-Selling, general and administrative expenses decreased to $19.1 million, or 44.2% of sales, from $23.8 million, or 50.9% of sales.

Frederick's of Hollywood Group
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