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Groupe Bikini delivers steady sales despite travel industry slowdown
26
Apr '10
Groupe Bikini Village inc released its financial results for both the fourth quarter and full fiscal 2009, both of which ended January 30, 2010 and reflected the positive impacts of the Company's flexible operating strategies adapted to match market realities.

While the Canadian travel industry generally reported reduced volumes in the fourth quarter of 2009, Groupe Bikini Village's results for the quarter reflect stable sales volumes. They also show an overall increase in gross margins, tight control on direct and indirect expenses, and a disciplined approach to inventory management. Together, these factors led to an increased profitability, a material reduction in the Company's inventory levels and an improved cash situation by the end of the quarter.

"Clearly, our increased focus on expense control and inventory management – the key element of our strategy in 2009, as we adapted to match market realities – served us well," said President and CEO, Yves Simard. "As a result of this, in addition to our renewed and expanded retail network, modern merchant systems and efficient distribution centre, we now stand in an excellent position to capitalize on rebounding consumer markets down the line."

Fourth quarter 2009 results
Net sales for the fourth quarter of 2009 were $13 million, unchanged from the $13 million posted in the fourth quarter of 2008. Comparable sales decreased by 1.9% over the same period.

Groupe Bikini Village delivered EBITDA1 of $1.8 million, or 13.7%, in the fourth quarter of 2009, compared to EBITDA1 of $1.4 million, or 11%, for the fourth quarter of 2008. This $0.4 million increase in operating income resulted primarily from the positive impact of its strategy to tightly manage inventories, focus on full-price selling, and control costs – which, together, led to stronger overall gross margins and improved store contribution.

For the quarter ended January 30, 2010, the Company's net earnings were $796,000 (nil per basic and diluted share), as compared to net earnings of $615,000 (nil per basic and diluted share) for the same quarter in the previous year.

2009 Year end results
Net sales for the Company's fiscal year ended January 30, 2010, at $41 million, increased by 0.4%, as compared to $40.8 million in fiscal 2008. Comparable sales decreased by 4% year-over-year.

"While our improved performance in the last six months of fiscal 2009 was encouraging and enabled us to regain some ground," said Mr. Simard, "it was unable to fully make up for the challenges we faced in the first half of the year. Consequently, EBITDA1 for the year ended January 30, 2010 totalled $487,000 or 1.2%, compared to $1.3 million, or 3.1%, in the previous year."

For fiscal 2009, Groupe Bikini Village's net loss totalled $1.5 million (($0.01) per share, basic and diluted), as compared to a net loss of $440,000 (nil per share, basic and diluted) in fiscal 2008.


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