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dELiA*s Q1'FY14 revenue descends 26.3% to $25.9mn
29
May '14
dELiA*s, Inc., an omni-channel retail company primarily marketing to teenage girls, announced the results for its first quarter of fiscal 2014.
 
First Quarter Results
dELiA*s, Inc. results for all periods presented reflect its former Alloy business as a discontinued operation. All financial results in this press release are for continuing operations only unless otherwise stated.
 
The Company identifies its operating segments according to how business activities are managed and evaluated. Prior to fiscal 2014, dELiA*s, Inc. had two reportable segments: retail stores and direct marketing. Beginning in fiscal 2014, the Company combined all channels under one management team which oversees the retail stores and online operations. The Company has determined that the two operating segments share similar economic and other qualitative characteristics and has therefore aggregated the results of the two operating segments into one reportable segment.
 
First Quarter Fiscal 2014 Highlights:
Total revenues decreased 26.3% to $25.9 million from $35.2 million in the first quarter of fiscal 2013. Comparable sales, including comparable store sales and direct-to-consumer sales, decreased 24.7%.
 
Consolidated gross profit was 21.3% compared to 23.8% in the prior year quarter primarily due to the deleveraging of occupancy costs.
 
Loss from continuing operations was $11.6 million compared to a loss from continuing operations for the first quarter of fiscal 2013 of $9.2 million.
 
First Quarter Summary
Total revenues for the first quarter of fiscal 2014 decreased 26.3% to $25.9 million from $35.2 million in the first quarter of fiscal 2013. Comparable sales decreased 24.7% primarily due to reduced website and mall traffic. In addition, catalog circulation for the first quarter of fiscal 2014 decreased 15.2% compared to the prior year quarter predominantly due to a reduction in unprofitable circulation.
 
Gross profit, which includes distribution, occupancy and merchandising costs, was 21.3% for the first quarter of fiscal 2014 compared to 23.8% in the prior year period. Gross profit benefitted from a 260 basis point improvement in reduced obsolescence and other inventory reserves. Merchandise margin rate was down 100 basis points versus the prior year period; however, the rate improved 1,440 basis points over fourth quarter of fiscal 2013. Gross profit included a 450 basis point reduction due to the deleveraging of occupancy costs on lower revenues.
 
Click here to view full results.
 

dELiA*s

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