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Body Central Q1'FY14 net revenues descend 26.6% to $59.7mn
08
May '14
Body Central Corp. announced financial results for the first quarter of 2014.
 
Highlights for the thirteen weeks ended March 29, 2014:
-Net revenues for the quarter decreased 26.6% to $59.7 million, compared to $81.4 million for the first quarter of 2013.
-Store sales decreased 24.8% to $54.6 million due to a comparable-store sales decrease of 26.8%, partially offset by a net increase of 3 stores from the same quarter last year.
-Direct sales decreased by 41.7% to $5.1 million from $8.8 million in the same quarter last year.
-The loss from operations was $9.4 million, as compared to income from operations of $3.9 million for the first quarter in 2013.
-The net loss was $9.3 million, or $(0.56) per diluted share based on 16.4 million weighted average shares outstanding. Net income for the first quarter of 2013 was $2.7 million, or $0.17 per diluted share based on 16.3 million weighted average shares outstanding.
-The Company closed 12 stores during the first quarter and operated 282 stores as of March 29, 2014.
 
Brian Woolf, Body Central's CEO, stated, "Our first quarter results were consistent with the discussion on our March 25, 2014 year-end conference call. We saw positive comp sales in bottoms and lingerie, along with improving trends in shoes. This performance was however overshadowed by the continued challenges in tops and dresses. Our direct business continues to transition from a historical catalog driven business, to an e-commerce driven business. While the e-commerce sales continue to grow, the catalog side has become unprofitable and less relevant to our customer. As a result, we will continue to evaluate the merits of our catalog business for the balance of the year."
 
Mr. Woolf further stated, "We continue to monitor inventory levels closely while refining assortments and messaging that can stimulate traffic and sales. We remain focused that taking these steps will improve the customer experience in both our stores and e-commerce businesses, and ultimately improve our financial performance."
 
Balance Sheet highlights as of March 29, 2014:
Cash, cash equivalents and restricted cash were $20.4 million at the end of the first quarter of 2014 compared to $43.4 million at the end of the first quarter in the prior year. Cash, cash equivalents and restricted cash were $12.7 million as of May 5, 2014.
 
Average per store inventory at cost decreased 5.1% and average per store inventory units decreased 14.3% from one year ago.
 
The Company had $14.1 million in long-term debt as of the end of the first quarter 2014 and none in the first quarter of 2013.
 

Body Central Corp


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